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Ocean Power Technologies Announces Award Of Seabed Survey Contract In Australia

PENNINGTON, N.J., June 24, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company"), a leading wave energy technology company, today announced that Victorian Wave Partners Pty Ltd. ("VWP") has engaged Victorian company Professional Diving Services ("PDS") to conduct a detailed seabed survey for the location of VWP's proposed 62.5MW peak rating wave power station. The wave power station is planned for installation off the coast of Portland, Victoria.

The proposed Portland wave power station is the largest of its kind in the world. The project is being developed by VWP, a wholly owned subsidiary of Ocean Power Technologies Australasia Pty Ltd ("OPTA"). OPTA is an Australian company owned by OPT (88%) and energy company Woodside Petroleum Ltd (12%).

OPTA awarded the seabed survey contract to PDS after undertaking an extensive qualification process, marking a major step in development of the project. The project recognizes the significance of the ocean environment for the Portland region and the survey will identify the best area off the coast for the wave power project, taking into account environmental, recreational and commercial interests.

In excess of 300 sustainable jobs are expected to be created in the region associated with fabrication, engineering, marine services and maintenance operations over the life of the project. The completed project is expected to provide power for up to 30,000 homes.

PDS' Principal Frank Zeigler stated, "I have seen the proactive and positive approach taken by Victorian Wave Partners in engaging with the regional community and I am honored to have been selected for this important work. Our local knowledge will supplement the professional skills we can bring to the task and ensure a positive outcome for the project and the community."

VWP was awarded a A$66.5 million grant by the Commonwealth of Australia through a competitive process undertaken by the Australian Department of Resources Energy and Tourism under its Renewable Energy Demonstration Program, which is now administered by the Australian Renewable Energy Agency (ARENA). A funding deed for the project sets out the terms of the grant, including the requirement to obtain significant additional funding.

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