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Ocean Power Technologies Awarded U.S. Department of Energy Grant to Increase PowerBuoy Performance

Ocean Power Technologies Awarded U.S. Department of Energy Grant to Increase
PowerBuoy Performance

PENNINGTON, N.J., Sept. 5, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies,
Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced that the Company
has been awarded a U.S. Department of Energy ("DOE") Small Business Innovation
Research ("SBIR") Phase I grant of approximately $150,000 to study advanced
control methods for maximizing the wave energy harvesting capability of its
PowerBuoy^® products. Less than 12% of the DOE's SBIR and related Small
Business Technology Transfer funding applications were granted in this latest
funding round.

The study will evaluate the implementation of certain advanced control systems
for power take-off mechanisms, which are essential to increasing the wave
energy captured and hence the total system electric power output. The scope of
work to be performed will include assessing various control models by carrying
out modeling and simulations using OPT's proprietary tools. This analysis will
be corroborated using data collected from previous full scale PowerBuoy
deployments and wave tank testing. The work is aimed at enhancing the ability
of wave energy converters to increase their power output. This is a critical
parameter in the reduction of the levelized cost of energy, and in making
PowerBuoy systems more commercially competitive with conventional power
generation.

"At a time of constrained federal budgets, we are gratified that the
Department of Energy is continuing to invest in wave-power commercial
viability, and we appreciate that they have recognized Ocean Power
Technologies' work in this field," said Charles F. Dunleavy, Chief Executive
Officer of OPT. "This award is in accord with the DOE's stated objectives to
help develop advanced technologies that contribute to the clean energy
economy.We appreciate that the DOE is helping us look over the horizon to the
next generation of PowerBuoys."

When the Phase 1 work is completed, and if invited by the DOE, the Company can
apply for Phase II SBIR funding for further analytical work, including wave
tank testing.

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: Charles F. Dunleavy, Chief Executive Officer
         Telephone: +1 609 730 0400

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