This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Ocean Power Technologies Deploys Autonomous PowerBuoy Under U.S. Department Of Homeland Security Program

Stocks in this article: OPTT

PENNINGTON, N.J., Aug. 21, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced the deployment off New Jersey of its innovative autonomous wave energy device, marking an important milestone in the roll-out of the Company's Autonomous PowerBuoy ® ("APB") product line.

This latest deployment, 35 miles off the coast and in 43 meters of water depth, is in connection with a previously-announced Cooperative Research and Development Agreement ("CRADA") with the U.S. Department of Homeland Security ("DHS") Science & Technology Directorate ("S&T"). Under this program, the Company will perform in-ocean tests on its proprietary APB to further validate the technology's capacity for expanded ocean surveillance.

The DHS S&T Borders and Maritime Security Division are collaborating with OPT to demonstrate the effectiveness of its long duration maritime vessel detection platform. This involves the redeployment of an OPT-designed APB-350 Autonomous PowerBuoy that was previously deployed under the U.S. Navy's Littoral Expeditionary Autonomous PowerBuoy ("LEAP") program in 2011. At that time, the unit produced very positive results, including higher-than-predicted power harvesting capability and in-ocean survivability during Hurricane Irene and its 50-foot high waves .

In tandem with the CRADA, OPT was awarded a grant from the Maryland Technology Development Corporation ("MTDC") via a joint technology transfer initiative to show how the Autonomous PowerBuoy can be used with multiple surveillance technologies. OPT is leveraging its experience from the LEAP program, which featured HF radar capability for surface vessel detection, to demonstrate an enhanced tracking technology covering a wider variety of vessels. The application includes an acoustic sensor system in addition to the existing HF Radar. This will allow the PowerBuoy to collect data for surface and sub-surface ocean observing and surveillance duties, demonstrating the use of the PowerBuoy technology for dual detection capabilities. This APB-350 PowerBuoy provides power levels required for sophisticated vessel detection and tracking sensors, enabling persistent off-shore maritime surveillance in the near-coast, harbors and littoral zones worldwide.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs