Ocean Power Technologies Pty Ltd.: Agreement to Develop Wave Power Stations

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Ocean Power Technologies and Leighton Contractors Sign Agreement to Develop Wave Power Stations

PENNINGTON, N.J.----Dec. 19, 2008--Ocean Power Technologies (Australasia) Pty Ltd ("OPTA"), a subsidiary of Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT") is pleased to announce that it has signed an agreement with Leighton Contractors Pty Ltd ("Leighton") to develop wave power projects off the east and south coasts of Australia.


This agreement is in line with OPT's global plan to form alliances with strategic partners in key areas of the world and will expand the company's activities in Australia.


The initial phase of work will be for OPTA and OPT to identify potential project sites and assess their commercial prospects, under contract from Leighton. Upon identification of projects to be developed, Leighton will obtain approvals, negotiate power purchase agreements, structure project financing, and oversee project delivery and operation of the power stations. OPTA will sell its PowerBuoy wave power station to special purpose companies formed by Leighton for the projects.


Leighton Contractors employs over 9,000 people and has Au $9.0 billion in projects. Over the past 50 years, Leighton has played an active role in building Australia's ports and marine facilities, transportation infrastructure, and energy projects including the wind and offshore oil and gas sectors.


Commenting on the agreement, OPT's Chief Executive Officer, Dr. George W. Taylor, said "Leighton is one of Australia's major infrastructure providers, with an annual turnover of several billion dollars. Its project development and delivery expertise will contribute to making the Australian market a major regional hub for the introduction and commercialization of OPT's unique, ocean tested wave power technology. Leighton is an early mover in the rapidly developing market for renewable energy, and we are delighted they have decided to form an alliance with us, as the Australian appetite for renewable energy and carbon reduction strategies is increasing."


Phil Cooper, Executive General Manager for Leighton Contractors, said that OPT's track record and technical strength make it an ideal partner for Leighton Contractors. "OPT's PowerBuoy technology will play an important role in developing alternative energy solutions across Australia," Mr. Cooper noted.


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 harnessing wave energy and participates in a $150 billion renewable energy market. The Company's proprietary PowerBuoy(R) 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.


About Leighton Holdings Limited

Leighton Holdings Limited is the parent company of Australia's largest project development and contracting group. Founded in Victoria in 1949, the organization has grown from a small, privately owned civil engineering firm into a dynamic group that includes Thiess, John Holland, Leighton Properties, Leighton Contractors, Leighton International and Leighton Asia. With 37,000 employees, the Group's operations are throughout the Asia-Pacific region on projects in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, the Philippines, Thailand, Vietnam, China, Taiwan, Sri Lanka, Macau, India and the Gulf Region. Leighton Holdings is listed on the Australian Stock Exchange (ASX:LEI) and has its head office in Sydney. Leighton Contractors is committed to becoming a leader in the renewable energy sector and has been involved in a number of sustainable energy projects in recent years, including the design and construction of numerous wind farms, biofuel projects and clean power stations throughout Australia.


    CONTACT: Ocean Power Technologies, Inc.
             Chief Executive Officer
             Dr. George W. Taylor, +1 609 730 0400
             or
             Chief Financial Officer
             Charles F. Dunleavy, +1 609 730 0400
             or
             Ocean Power Technologies (Australasia) Pty Ltd
             Director
             Gilbert C. George
             ggeorge@oceanpowertech.com
             or
             Media Contact in United States:
             Edelman
             Mona J. Walsh, +1 212 704 4598
             mona.walsh@edelman.com
             or
             Media Contact in United Kingdom:
             Corfin Communications
             Neil Thapar, Martin Sutton, +44 20 7977 0020
             or
             Collins Stewart Europe Limited
             Adrian Hadden, +44 20 7523 8350
             or
             Leighton Contractors Pty Ltd
             Manager
             Media and External Communications
             Christian Sealey, +61 448061672

    Source: Ocean Power Technologies, Inc.

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