¥70 million contract furthers work towards goal of commercial
deployment
PENNINGTON, N.J.--(BUSINESS WIRE)--Oct. 22, 2012--
Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”),
a leading wave energy technology company, today announced that the
Company has received a ¥70 million (approximately US $900,000) contract
from Mitsui Engineering & Shipbuilding (“MES”) for further work towards
development of the Company’s PowerBuoy technology for application in
Japanese sea conditions.
Under this contract, OPT will continue to analyze methods to maximize
buoy power capture using advanced optimization methodologies as well as
modeling and wave tank testing. OPT will team with MES staff to develop
PowerBuoy enhancements that, under normal Japanese wave conditions,
would provide for improved power capture. This analysis and design work
is expected to be completed by the end of OPT’s fiscal year ending April
30, 2013 after which a decision will be made on the next steps toward
ocean trials of a demonstration PowerBuoy system. This would provide the
basis for a prospective build-out of a commercial-scale OPT wave power
station in Japan.
“We are very pleased to announce this additional work with our partner
in Japan, Mitsui Engineering & Shipbuilding,” said Charles F. Dunleavy,
Chief Executive Officer of OPT. “Ocean Power Technologies is viewed
throughout the globe as a leader in the area of wave power generation,
and we believe Japan is a nation that can clearly benefit from our
unique ocean-based energy technology. We appreciate the trust that MES
has placed in us and the progress this represents towards bringing
utility-scale wave power to the Japanese people.”
Mr. Hirotaka Ohashi, Deputy General Manager of Business Development and
Innovation at MES, added, “As we remember the 2011 earthquake and
tsunami that had such a devastating impact on the nuclear power industry
in Japan, we are working with Ocean Power Technologies to commercialize
ocean-based clean energy alternatives. We have several years of
experience with OPT and respect the position their technology holds in
the market. Working together, we look forward to bringing a series of
new PowerBuoys to Japan."
The Japanese Environment Minister has recently released Japan’s new
strategy to increase the present generating capacity of renewable energy
in Japan by more than six times. The Japanese government specifically
identified wave energy as a key component of this policy, setting a goal
of 1,500 MW in new power generation capacity by 2030 using wave and
tidal power sources.
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
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.
About Mitsui Engineering & Shipbuilding Co., Ltd.
The principal business of Mitsui Engineering & Shipbuilding ("MES") is
machinery and shipbuilding. With annual revenues in excess of $8.0
Billion, MES' activities include manufacturing and sales of various
types of industrial machinery, such as engines, boilers, gas turbines
and robotic systems, and plant construction for water and waste
treatment facilities, bridges, and watergates. Its shipbuilding business
comprises a broad array of natural resource carriers and hull tankers.
MES is a publicly-held company with over 10,000 employees. More
information can be found at http://www.mes.co.jp/english/.
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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.
Source: Ocean Power Technologies
Company Contact:
Ocean Power Technologies, Inc.
Brian
M. Posner
Chief Financial Officer
Telephone: +1 609 730 0400
or
Media
Contacts:
Luther Pendragon
Neil Thapar, Claire Norbury
Telephone:
+44 20 7618 9100
Email: oceanpower@luther.co.uk
or
MAGNUS
Corporate Communications
John Gardner, Blake Wilshaw
Telephone:
+61 89 212 0101
or
Investor Relations Contact:
Darrow
Associates
Chris Witty
Telephone: +1 646 438 9385
Email: cwitty@darrowir.com
