Significant milestone towards PB150 deployment off Reedsport, Oregon
PENNINGTON, N.J.--(BUSINESS WIRE)--Jun. 18, 2012--
Ocean Power Technologies, Inc. (Nasdaq: OPTT) ("OPT" or the "Company"),
a leading wave energy technology company, today announced the successful
completion of extensive factory acceptance testing of the first of its
next generation power take-off (“PTO”) units for the Company’s
utility-scale PowerBuoy®, the PB150. The PTO has now been
shipped from OPT’s facility in Pennington, New Jersey to Oregon Iron
Works, where it is in the process of being integrated into the spar of
the buoy in preparation for deployment off the coast of Reedsport,
Oregon.
During testing, the PTO was subjected to varying simulated wave
conditions to measure overall functioning and reliability, and it
performed as expected in each area studied. The new direct drive system
is a much larger version of that which was recently utilized in the
Company’s PowerBuoy deployed off Oahu, Hawaii, for two years in a
project with the US Navy. It is expected to provide increased efficiency
and reliability compared with the previous hydraulic-based PTO design
used by OPT in earlier PowerBuoys.
“We are excited to see our next generation power take-off successfully
complete extensive survival and operational mode testing. We are now
working to integrate it into the spar of the PB150 with the help of
Oregon Iron Works’ professional team,” said Charles F. Dunleavy, Chief
Executive Officer of OPT. “We expect the PowerBuoy to be ready for
deployment off the coast of Reedsport, Oregon late this summer and look
forward to an ocean demonstration that can pave the way for additional
units in the region – with the eventual goal of a wave power station
serving thousands of local residents and businesses.”
Upon completion of integration, the spar will be transferred to Vigor
Marine, a leading provider of shipbuilding, ship repair and other
industrial services in Portland, Oregon, for the final buoy assembly and
testing ahead of deployment. The buoy will be launched using one of
Vigor Marine’s floating drydocks, which will facilitate the handling and
water launch of the PowerBuoy. Once in the water, the PowerBuoy will be
towed from Portland to the Reedsport/Coos Bay area for interim staging
prior to final deployment and installation. The towing plan has been
approved by the United States Coast Guard Marine Safety Office in
Portland. The final stage will involve towing the PowerBuoy to the
Reedsport ocean site, where it will be connected to the mooring system
that will be deployed with the assistance of marine contractor Northwest
Underwater Construction, as well as other local companies, including
Knutston Towboat Company.
Subsequent to deployment, a period of commissioning will occur before
full-scale power generation testing begins. During the course of the
ocean operations, periodic inspections will be conducted using local
marine operations personnel and vessels. OPT’s remote communications and
operations control system will allow continuous monitoring of all
aspects of the performance of the PowerBuoy.
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, 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. 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.
Source: Ocean Power Technologies
Ocean Power Technologies Inc. Company Contact:
Ocean Power
Technologies, Inc.
Brian M. Posner, Chief Financial Officer
Telephone:
+1 609 730 0400
or
Media Contact:
Luther Pendragon
Neil
Thapar, Claire Norbury
Telephone: +44 20 7618 9100
or
Investor
Relations Contact:
Darrow Associates
Chris Witty
Telephone:
+1 646 438 9385
Email: cwitty@darrowir.com
