This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ocean Power Technologies To Deploy Reedsport PowerBuoy In Spring 2013

Ocean Power Technologies, Inc (Nasdaq: OPTT) ("OPT" and “the Company”), a leading wave energy technology company, today announced that its utility-scale PowerBuoy ® off the coast of Reedsport, Oregon, is expected to be deployed in spring 2013.

Final testing of the PowerBuoy has continued to be on track for completion ahead of final assembly and readiness for deployment in October 2012, as announced previously. Subject to weather conditions, the Company had thereafter planned to tow the completed device approximately 300 miles from the Portland area dry dock to its deployment site about 2.5 nautical miles west of Reedsport.

The early onset of unfavorable weather conditions in recent days has significantly impacted the installation of moorings. In addition, uncertainty regarding weather conditions over the October timeframe has increased the risks of incurring substantial deployment vessel “standby” costs and adverse safety conditions while transiting the buoy over the distance from the dry dock to the deployment site. The buoy itself is designed to perform well during severe weather once installed, but during transit there are concerns for towing stability in the harsh conditions now more frequent. Furthermore, following deployment there is a required period of time for commissioning the PowerBuoy for full operation, which also may need some level of marine operations.

Charles Dunleavy, Chief Executive Officer of OPT, said: “Our partners and staff have worked very hard to enable completion of the buoy before the harsh Oregon winter sets in. However, risk management plans for marine operations have to be sufficiently flexible to cope with changes in weather conditions, and safety concerns are paramount. As with all our PowerBuoy deployments, we will proceed carefully, and we have assessed the risks of deployment and commissioning activities during the upcoming weeks. We are not prepared to compromise the safety of crews or their vessels, or the OPT PowerBuoy system itself enroute to the site and during the deployment and commissioning. We remain committed to developing this wave energy project, and this process will serve to enhance our future deployments. In light of the increased weather, safety and cost risks, it is the right decision to plan for deployment next spring.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs