Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”), a leading wave energy technology company, today announces the appointment of Timothy Stiven as Managing Director of Ocean Power Technologies Limited (“OPT Ltd”), the Company’s UK-based wholly-owned subsidiary, effective March 1, 2012. He succeeds Angus Norman, who is stepping down from his role as Chief Executive of OPT Ltd for personal reasons. Mr. Norman will remain an advisor to the Company and will serve on OPT’s Board of Advisors.
Mr. Stiven, 38, joined OPT in 2010 as Director of Business Development and Marketing for UK & Europe. Reporting to Charles F. Dunleavy, Chief Executive Officer of Ocean Power Technologies, Inc., Mr. Stiven will be responsible for all OPT Ltd operations, based in Warwick, UK. This includes project engineering, sales and marketing, customer contracts and other activities in the UK and Europe.
Mr. Dunleavy commented: “We are delighted to announce Tim Stiven’s promotion to the new role of Managing Director to drive our commercialization strategy in the UK and continental Europe. Since joining the Company, he has been a strong contributor to OPT’s business development success. At the same time, we also would like to thank Angus for his invaluable contribution and commitment to OPT over the past several years. He was instrumental in OPT achieving significant milestones in the UK and Europe – most notably, the successful deployment and ocean trials of our first PB150 in Scotland. We will continue to draw on his experience in his capacity as an advisor to the Company.”
During his career, Mr. Stiven has held a number of positions involving marine engineering and sustainable energy. At QinetiQ, a defense and security company, he led new market ventures to diversify the company’s business by exploiting its intellectual property and commercial relationships in the energy & environmental markets. This included extensive work with commercial and financial structures underpinning energy and infrastructure projects. In addition, as a Marine Engineer Officer in the Royal Navy, he specialized in leading complex technology development programs to meet the Navy’s future equipment requirements.