PENNINGTON, N.J., March 14, 2014 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced financial results for its Fiscal 2014 third quarter and the nine months ended January 31, 2014.
- OPT recently announced that an amended grant agreement related to its planned wave power station project off the coast of Australia was signed with the Australian Renewable Energy Agency ("ARENA"). This amended agreement is a Deed of Variation to the original Funding Deed through which a A$66.5 million grant was previously awarded to Victorian Wave Partners Pty Ltd ("VWP"), a project-specific operating entity wholly-owned by Ocean Power Technologies (Australasia) Pty Ltd ("OPTA", which is 88% owned by OPT). Payments to VWP under the grant require completion of specific project milestones. VWP has been conducting site surveys toward meeting the requirements for licenses and approvals. In addition, it is assessing prospective power purchase agreements with local industries and utilities and is working with financial advisors in connection with efforts to raise the required additional project funding. For this project Lockheed Martin will provide overall project management.
- During the quarter, the Company began work under a contract received from Mitsui Engineering & Shipbuilding ("MES") for the design and delivery of key components of a PowerBuoy for deployment off the coast of Japan.
- The Autonomous Power group completed ocean testing of a novel generation system for low power requirements in connection with a Small Business Innovation Research (SBIR) Phase 1 contract from the U.S. Department of Defense. Work was also conducted on the development of advanced control algorithms as part of a U.S. Department of Energy SBIR Phase 1 contract. This advanced control work will also support the Utility Power group.
- OPT's contract backlog remained stable at $5.6 million as of January 31, 2014 compared to $5.8 million as of October 31, 2013.
- During the quarter ended January 31, 2014 and in February 2014, the Company strengthened its balance sheet through the sale of $6.3 million of common stock under its existing At the Market ("ATM") offering facility with Ascendiant Capital Markets.
- The Company also announced that it recently received approximately $1.75 million through the State of New Jersey's Business Tax Certificate Transfer Program.
- The Company also announced the hiring of two executives during the quarter.
— David R. Heinz was appointed to the position of Vice President, Autonomous Power. Mr. Heinz previously held the position of Vice President and General Manager of the Maritime Systems division of iRobot Corp., a maker of underwater autonomous vehicles. Previously Mr. Heinz served as a Major General in the U.S. Marine Corps, where he ran large acquisition programs, performed oversight of worldwide military operations, and had tours with aviation squadrons in combat situations.