Ocean Power Technologies Deploys Autonomous PowerBuoy Under U.S. Department of Homeland Security Program

Ocean Power Technologies Deploys Autonomous PowerBuoy Under U.S. Department of
Homeland Security Program

PENNINGTON, N.J., Aug. 21, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies,
Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced the deployment off
New Jersey of its innovative autonomous wave energy device, marking an
important milestone in the roll-out of the Company's Autonomous PowerBuoy^®
("APB") product line.

This latest deployment, 35 miles off the coast and in 43 meters of water
depth, is in connection with a previously-announced Cooperative Research and
Development Agreement ("CRADA") with the U.S. Department of Homeland Security
("DHS") Science & Technology Directorate ("S&T"). Under this program, the
Company will perform in-ocean tests on its proprietary APB to further validate
the technology's capacity for expanded ocean surveillance.

The DHS S&T Borders and Maritime Security Division are collaborating with OPT
to demonstrate the effectiveness of its long duration maritime vessel
detection platform. This involves the redeployment of an OPT-designed APB-350
Autonomous PowerBuoy that was previously deployed under the U.S. Navy's
Littoral Expeditionary Autonomous PowerBuoy ("LEAP") program in 2011. At that
time, the unit produced very positive results, including higher-than-predicted
power harvesting capability and in-ocean survivability during Hurricane Irene
and its 50-foot high waves.

In tandem with the CRADA, OPT was awarded a grant from the Maryland Technology
Development Corporation ("MTDC") via a joint technology transfer initiative to
show how the Autonomous PowerBuoy can be used with multiple surveillance
technologies. OPT is leveraging its experience from the LEAP program, which
featured HF radar capability for surface vessel detection, to demonstrate an
enhanced tracking technology covering a wider variety of vessels. The
application includes an acoustic sensor system in addition to the existing HF
Radar. This will allow the PowerBuoy to collect data for surface and
sub-surface ocean observing and surveillance duties, demonstrating the use of
the PowerBuoy technology for dual detection capabilities. This APB-350
PowerBuoy provides power levels required for sophisticated vessel detection
and tracking sensors, enabling persistent off-shore maritime surveillance in
the near-coast, harbors and littoral zones worldwide.

"Our engineering, manufacturing and marine operations teams have done an
excellent job with this latest launch of the APB-350 Autonomous PowerBuoy,"
said Charles F. Dunleavy, Chief Executive Officer of OPT. "The advanced
maritime security payload of sonar and radar sensors and the data
communications system provide our customers with an expanded vessel detection
capability, which we believe to be a significant market opportunity for the
APB-350 product. We are pleased to leverage the work previously done for the
U.S. Navy, through this CRADA from the U.S. Department of Homeland Security
and grant from MTDC."

The APB-350 structure incorporates a unique power take-off and on-board energy
storage system and is significantly smaller and more compact than the
Company's standard utility PowerBuoy. It provides persistent, off-grid clean
energy in remote ocean locations for a wide variety of maritime security and
monitoring applications and has also been designed to generate power for
off-grid applications such as offshore oil & gas operations and fish-farming.

Currently, systems requiring remote energy sources at sea are often powered by
diesel generators, which can be damaging to the environment, and need frequent
maintenance and fuel replenishment. The APB-350 was developed by OPT to
provide constant power in all wave conditions, while maintaining a fixed ocean
site position. The Company's proprietary power management technology and
on-board energy storage capability are key innovations of the system enabling
operation even during periods of calm sea conditions. In addition, the system
has been engineered to remain on site for up to three years with minimal
maintenance.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq:OPTT) is a pioneer in wave-energy
technology that harnesses ocean wave resources to generate reliable and clean
and environmentally-beneficial electricity. OPT has a strong track record in
the advancement of wave energy and participates in an estimated $150 billion
annual power generation equipment market. OPT's proprietary PowerBuoy® system
is based on modular, ocean-going buoys that capture and convert predictable
wave energy into clean electricity. The Company is widely recognized as a
leading developer of on-grid and autonomous wave-energy generation systems,
benefiting from more than 15 years of in-ocean experience. OPT is
headquartered in Pennington, New Jersey, USA with an office in Warwick, UK and
operations in Melbourne and Perth, Australia. More information can be found at
www.oceanpowertechnologies.com.

Forward-Looking Statements

This release may contain "forward-looking statements" that are within the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect the Company's current expectations
about its future plans and performance, including statements concerning the
impact of marketing strategies, new product introductions and innovation,
deliveries of product, sales, earnings and margins. These forward-looking
statements rely on a number of assumptions and estimates which could be
inaccurate and which are subject to risks and uncertainties. Actual results
could vary materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the Company's
most recent Form 10-K and subsequent filings with the Securities and Exchange
Commission for a further discussion of these risks and uncertainties. The
Company disclaims any obligation or intent to update the forward-looking
statements in order to reflect events or circumstances after the date of this
release.

CONTACT: Company Contact:
        
         Charles F. Dunleavy, Chief Executive Officer
         Telephone: +1 609 730 0400
        
         Sales Inquiries:
        
         UK - Paul Watson
         Telephone: +44 (0)1926 623370
        
         US - Nicholas Caruso or Deborah Montagna
         Telephone: +1 609 730 0400
        
         Australia - Gilbert George
         Telephone: +61 (0)412 992130

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