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Ocean Power Technologies, Inc.

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NEWS RELEASE

Ocean Power Technologies, Inc.
1590 Reed Road
Pennington, New Jersey 08534
USA

For Immediate Release		September 5, 2008

ANNUAL MEETING AND PROXY MATERIAL

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) (“OPT” or the “Company”) has announced that the annual meeting of stockholders of the Company will be held on Thursday, October 2, 2008 at 10:00 a.m. Eastern Time, at the Company’s headquarters at 1590 Reed Road, Pennington, New Jersey 08534 USA. At the annual meeting, stockholders will be asked to consider and vote upon (i) the election of five directors to the Company’s Board; and (ii) the ratification of the selection of KPMG LLP as the Company’s independent registered public accounting firm for fiscal year 2009.

Stockholders of record as of the close of business on August 19, 2008 are entitled to notice of, and to vote at, the Company’s annual meeting. The Company has mailed to all stockholders of record as of that date proxy materials describing in detail the matters to be considered at the annual meeting. All stockholders (whether record or beneficial holders) may request a copy of the Company’s proxy materials by contacting the Company at info@oceanpowertech.com. Copies of the proxy materials will also be available for inspection at the offices of Collins Stewart Europe Limited, 8th Floor, 88 Wood Street, London EC2V 7QR, UK.

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 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.

About Ocean Power Technologies

Ocean Power Technologies (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 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 harnessing wave energy and participates in a $150 billion renewable energy market. The Company’s proprietary PowerBuoy^® system is based on modular, ocean-going buoys that capture and converts predictable wave energy into low-cost, clean electricity. The Company is widely recognized as the leading provider of on-grid and autonomous wave-energy generation with its energy systems benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

Contact information:

Ocean Power Technologies, Inc.
Dr. George W. Taylor, Chief Executive Officer		Telephone: +1 609 730 0400
Charles F. Dunleavy, Chief Financial Officer		Telephone: +1 609 730 0400
Media Contact in United States:
Edelman		Telephone: +1212 704 4598
Mona J. Walsh		Email: mona.walsh@edelman.com
Media Contact in United Kingdom:
Corfin Communications
Neil Thapar		Telephone: +44 20 7977 0028
Collins Stewart Europe Limited
Adrian Hadden		Telephone: +44 20 7523 8350