UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): August 15, 2018
Ocean Power Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation) |
001-33417 (Commission File Number) |
22-2535818 (I.R.S. Employer Identification No.) |
28 Engelhard Drive Monroe Township, New Jersey (Address of principal executive offices) |
08831 (Zip Code) |
(609) 730-0400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]
Item 8.01 Other Events
On August 15, 2018, Ocean Power Technologies, Inc. issued a press release announcing a contract with Enel Green Power S.p.A. Under the terms of the contract, Ocean Power Technologies will evaluate a PB3 PowerBuoy™ deployment along the coast of Chile through a detailed feasibility study of the PowerBuoy™ as an offshore autonomous platform hosting oceanographic sensor systems. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
| Exhibit Number | Description | |
| *99.1 | Press release dated August 15, 2018 announcing contract to conduct a detailed feasibility study with Enel Green Power S.p.A. |
*Furnished herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 16, 2018
| OCEAN POWER TECHNOLOGIES, INC. | |
| /s/ George H. Kirby III | |
| George H. Kirby III | |
| President and Chief Executive Officer |
Exhibit 99.1
 |
NEWS RELEASE |
Ocean Power Technologies Signs Agreement with Enel Green Power (EGP)
Monroe Township, N.J., August 15, 2018 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NASDAQ: OPTT) a leader in innovative ocean energy solutions, today announced that the Company signed an agreement with Enel Green Power S.p.A. (EGP), a subsidiary of Enel Group which is a multinational energy company and one of the world’s leading integrated electricity and gas operators. Under the terms of the contract, OPT will evaluate a PB3 PowerBuoy™ deployment along the coast of Chile through a detailed feasibility study of the PowerBuoy™ as an offshore autonomous platform hosting oceanographic sensor systems.
“This collaboration with Enel Green Power is a significant opportunity for OPT to play a critical role in the Chilean marine energy market”, stated George H. Kirby, OPT’s President and Chief Executive Officer. “EGP is a world leader in delivering renewable energy, and this opportunity potentially allows for the PB3 PowerBuoy™ to be Chile’s first autonomous wave power installation, where new jobs and other economic benefits could eventually be brought to local economies. We also hope to leverage this work to further expand our presence in Chile and throughout South America in areas such as monitoring, surveillance, subsea charging and connectivity for the offshore oil & gas, science & research and telecommunications markets.”
OPT’s feasibility study will assess best transport, deployment and servicing methods using local companies and suppliers, as well as necessary sensors and payloads to be mounted on the PB3 PowerBuoy™.
About Ocean Power Technologies
Ocean Power Technologies is transforming offshore energy through innovative, cost-effective, and durable ocean energy solutions. The PB3 PowerBuoy™ uses ocean waves to provide clean and reliable electric power and real-time data communications for remote offshore applications in markets such as: oil and gas, defense and security, science and research, and communications. OPT is headquartered in Monroe Township, New Jersey. To learn more, visit www.oceanpowertechnologies.com.
About ENEL Green Power (EGP)
Enel Green Power, the Renewable Energies division of Enel Group, is dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 42 GW across a generation mix that includes wind, solar, geothermal and hydropower, and is at the forefront of integrating innovative technologies into renewables power plants. For more information: https://www.enelgreenpower.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. 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 SEC 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.
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Investor Relations Contact:
Jackie Marcus or Steve Calk
Email: OPTT@alpha-ir.com
Phone: 312-445-2870
Ocean Power Technologies, Inc.