Ocean Power Technologies Wins Contract with Leading Oil & Gas Operator
The study will further address technical issues such as customer equipment power demands and PowerBuoy® power generation during continuous and intermittent operations, mooring design, payload survivability during storm conditions, deployment and maintenance, and complete end-to-end data solutions including communications and security requirements. Design of turn-key solutions often include the integration and mounting of specific sensors for both topside and subsea, the use of custom protective enclosures, wiring and control solutions, and considerations of total life-cycle costs, customer operational cost savings, and safety improvement. OPT’s new products, the hybrid PowerBuoy® and its Subsea Battery Solution which are currently under development will be considered as either prime or alternative solutions in the study, possibly in combination with the PB3 PowerBuoy®.
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Headquartered in Monroe Township, New Jersey, Ocean Power Technologies aspires to transform the world through durable, innovative and cost-effective ocean energy solutions. Its PowerBuoy® and Subsea Battery Solutions product lines, along with its Innovation and Support Services line provide clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com.
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. 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 Forms 10-Q and 10-K and subsequent filings with the
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Source: Ocean Power Technologies, Inc.