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Ocean Power Technologies Announces Election Of New Directors

Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”), a leading wave energy technology company, today announced that David L. Davis and Bruce A. Peacock were duly elected to the Company’s Board of Directors at the Company’s Annual Meeting of Stockholders held on October 6, 2011. In addition, Paul Lozier and J. Victor Chatigny retired from the Board of Directors effective with the Annual Meeting.

David Davis is the Vice President, PJM Development for NRG Energy, Inc. (NYSE: NRG), where he leads project development activities within the PJM Interconnection – the largest Independent System Operator (ISO) in North America. His responsibilities at NRG Energy have included both traditional fossil fuel projects and projects in the renewable energy sector such as solar, biomass, terrestrial wind and offshore wind projects. Prior to joining NRG Energy, Mr. Davis served as a consultant to the energy industry, focusing on energy project acquisitions and development. He also held senior positions at Perennial Power Holdings, a subsidiary of Sumitomo Corporation, where he focused on acquiring and developing ownership positions in power generation facilities in the United States, and at Mirant Corporation, where he focused on both international and domestic energy projects. Mr. Davis brings strong relationships with regulators, legislators, and other stakeholders within the energy industry and has over 20 years’ experience in the domestic and overseas energy industry, including project development and corporate strategy experience.

Bruce Peacock is currently the Chief Business Officer of Ophthotech, a biopharmaceutical company, where he is responsible for strategic planning, finance, manufacturing, intellectual property and business development. Mr. Peacock is also Co-Chairman of ALBA Therapeutics. He previously served as President and Chief Executive Officer of Adolor Corporation and Orthovita Inc. and held senior positions at Cephalon, Inc. and Centocor, Inc. Mr. Peacock has been a member of the boards of several public and nonpublic companies, including having served as Chair of the Audit Committees of two public companies. He has over 30 years of senior-level experience at companies with international operations, bringing new products to commercial status in regulatory-driven markets. His contributions to these companies included strategic direction, increasing shareholder value, and business development.

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