Ocean Power Technologies Awarded $1.0 Million by U.S. Department of Energy
PENNINGTON, N.J., Sept. 9, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies,
Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced that it has won a
$1.0 million funding award from the U.S. Department of Energy ("DOE") to
enhance the commercial viability of its PowerBuoy® wave-energy systems through
mechanical component design changes to maximize power-to-weight output ratios
and reduce overall installed capital costs.
Under the award the Company will evaluate alternative designs for the
PowerBuoy's float and spar, which account for about half of the system's mass,
to optimize their geometry, materials used, power output, manufacturability,
durability and handling. The process will include structural analysis, power
output and load evaluations, and cost modeling using simulations as well as
wave tank tests. The optimal designs will then be incorporated into the
PowerBuoy product line.
"As we look toward manufacturing and deploying PowerBuoys in commercial
volumes, we recognize the potential payoff in refining the efficiencies and
costs associated with the heavy mechanical components," said Charles F.
Dunleavy, Chief Executive Officer of OPT. "We are pleased that the Department
of Energy has recognized this need. One key goal of the Water Power Program of
the DOE Wind and Water Power Technologies Office is to reduce the levelized
cost of energy of marine hydrokinetic devices, and we are dedicated to making
our PowerBuoys more efficient and economically competitive."
The Company's receipt of funds under the award, which was granted through a
competitive Funding Opportunity Announcement process, is subject to the
negotiation of a definitive contract and confirmation of cost sharing sources.
OPT intends to seek third party funding to satisfy its cost sharing obligation
under the DOE grant.
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
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
CONTACT: Charles F. Dunleavy, Chief Executive Officer
Telephone: +1 609 730 0400
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