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Ocean Power Technologies Announces Results For The Fiscal First Quarter Ended July 31, 2012

Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”) today announced financial results for its fiscal 2013 first quarter ended July 31, 2012.

Highlights

  • Net loss decreased to $4.4 million for the three months ended July 31, 2012 compared to $5.0 million for the three months ended July 31, 2011, primarily reflecting a 38% decrease in product development costs.
  • Efforts continued in Australia following the announcement of a teaming agreement with Lockheed Martin for the development of a proposed 19 megawatt wave energy project off Portland, Victoria. Focus is now on permitting activity and securing the required financing to meet the conditions for the receipt of a previously announced A$66.5 million (US$69.5 million) grant from the Commonwealth of Australia.
  • The U.S. Federal Energy Regulatory Commission (“FERC”) approved the full build-out of OPT’s proposed 1.5 megawatt, grid-connected wave power station off Reedsport, Oregon – the first such license to be issued for a wave power station in the U.S. The Company is in the process of final assembly and inland testing of the first PowerBuoy ® to be installed at the Reedsport site. OPT expects that this PowerBuoy will be ready for deployment in early October. At that time, the Company will be dependent on the weather conditions for determination of when to commence deployment activities.
  • OPT has entered into a Cooperative Research and Development Agreement (“CRADA”) with the U.S. Department of Homeland Security (“DHS”) to demonstrate the use of OPT’s Autonomous PowerBuoy (“APB”) for ocean surveillance. OPT has also been awarded a new $75,000 grant from the Maryland Technology Development Corporation (“MTDC”) via a joint technology transfer initiative to demonstrate how the APB can be used with multiple surveillance technologies.

“OPT got off to a strong start in fiscal 2013, with progress on a number of ongoing initiatives in the U.S. and abroad,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “As recently announced, we secured the FERC license for the prospective build-out of our project in Reedsport, Oregon – the first such license in the United States. At the same time, we are actively working alongside Lockheed Martin to implement strategies in Australia to expedite our commercialization plans. We also gained traction in the Autonomous PowerBuoy market with the signing of a CRADA with the Department of Homeland Security and receipt of a grant to leverage our knowledge gained from last year’s deployment under the U.S. Navy’s Littoral Expeditionary Autonomous PowerBuoy program. We look forward to reporting results on these and our other initiatives in the months ahead.”

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