Ocean Power Completes First Utility-Scale Wave Device

Ocean Power Technologies, Inc. (Nasdaq: OPTT), a wave energy technology company, announced the completion of the first of its new generation utility-scale PowerBuoy(R) device, the PB150.

The PB150 PowerBuoy is the largest and most powerful wave power device designed by OPT to date. With a peak-rated power output of 150 kilowatts–equivalent to the energy consumption of approximately 150 homes–the PB150 is designed for use in arrays for grid-connected power generation projects worldwide.

The development of the device, built and assembled at Invergordon, Scotland, has utilized the skills of local firms and represents a multi-million pound sterling investment in the region. It is currently being prepared for ocean trials at a site approximately 33 nautical miles from Invergordon, off Scotland’s northeast coast. The sea trials are expected to commence as soon as weather conditions permit.

The Company is seeking additional financing for the commercial utilization of the buoy after the trial phase is completed including its possible deployment at various potential sites. A second PB150 is already under construction in the US for a proposed utility-scale project in Oregon, and the Company is involved in other planned projects in Australia, Japan and Europe that may utilize the PB150.

OPT’s PowerBuoy has a low visual profile, as most of the structure is submerged, and is designed to have a minimal environmental impact. The Company has considerable experience with in-ocean performance of its PowerBuoys, including its PB40 system which has been operating off Oahu, Hawaii, since December 2009 and has subsequently been connected to the grid. That system was developed under a multi-year project for the US Navy.

Charles F. Dunleavy, CEO of OPT, said: "The completion of the first PB150 in the UK is a major engineering achievement for OPT and also begins an important new chapter in the Company’s commercialization strategy. The PB150 structure and mooring system has already received independent certification from Lloyd’s Register, as announced last month. The new device is intended to become OPT’s first "workhorse" for utility-scale projects."