Ocean Power Technologies, Inc.: New $2.4 Million Contract
Ocean Power Technologies Wins New $2.4 Million Contract from US Navy for Maritime Security
PENNINGTON, N.J.----Oct. 1, 2009-- Ocean Power Technologies, Inc. ("OPT" or “the Company") announces that it has achieved a significant milestone for its autonomous PowerBuoy® product with the award of a new $2.4 million contract from the US Navy to provide OPT’s PowerBuoy wave energy conversion system to the Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program.
This contract, to be performed over a one year period, is the initial award under a proposed four-year $15.0 million project concerning the LEAP system that has been established to enhance the US Navy’s anti-terrorism and force protection capability by providing persistent power at sea for port maritime surveillance in the near coast, harbors, piers and offshore areas. The system capability includes detection, tracking and communication of information on a timely basis. Certain aspects of the system will be provided by sub-contractors to OPT, including Rutgers University and Mikros Systems Corporation.
Under the initial contract, OPT will provide its PowerBuoy wave energy conversion technology for testing with sensor-based and communications systems, with the ultimate aim under the four-year program of developing a LEAP-based vessel detection system testbed.
This is OPT’s first contract with the US Navy under the LEAP program, and builds on its existing relationship that dates back to June 2007 when OPT was awarded a $1.7 million contract to provide autonomous PowerBuoy technology for the Navy’s Deep Water Active Detection System (“DWADS”) for ocean data gathering. In addition, OPT has worked under contract from the US Navy in a program for the development and testing of PowerBuoy wave power systems at the Marine Corps Base in Oahu, Hawaii.
Mark R. Draper, Chief Executive Officer of OPT, said, “We are delighted to support the US Navy in its initiatives for improved homeland security and force protection. OPT’s PowerBuoy wave energy conversion system is an important enabling technology for providing power to remote at-sea sensors and communications technologies provided by our partners. In this first contract under the LEAP program, which complements our existing projects with the Navy, we expect to build on our prior experience with the autonomous PowerBuoy by further developing our advanced power take-off systems.”
The LEAP program objective includes leveraging a number of existing technologies, including at-sea sensors, communications, real-time signal processing and OPT’s PowerBuoy. The benefits for the United States are expected to include protection for critical infrastructure, drug traffic interdiction and detection of surface and subsurface maritime threats.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (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 the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation 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.
Source: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
Mark R. Draper, +1-609-730-0400
Chief Executive Officer
Charles F. Dunleavy, +1-609-730-0400
Chief Financial Officer
Nomura Code Securities Limited
Juliet Thompson, Richard Potts, +44 20 7776 1200
Neil Thapar, Martin Sutton, Claire Norbury, +44 20 7977 0020