The PB150 is performing in a wide range of sea conditions as OPT’s engineers have allowed the PowerBuoy to function freely in the incident sea and weather conditions. Functional and operational analysis has confirmed that the PB150 has met or exceeded all expected system performance. Since deployment the PB150 has remained on site, and has produced power in accordance with plan. Future planned maintenance can be performed in situ without relocating the PB150, which serves to reduce operating costs and reflects cost economies that result from the Company’s experience of nearly 15 years’ in marine energy operations and related infrastructure.Charles F. Dunleavy, Chief Executive Officer of OPT, added: “The excellent operating results and power generation of the PB150 are important milestones for our PowerBuoy technology, as OPT pursues planned projects elsewhere in the UK, Europe and beyond. We are grateful for the support this project has received from the Scottish Government, and the participation of various suppliers in the UK and Europe. In addition, the combined effort of OPT’s engineering, manufacturing and marine operations team has demonstrated the strength of the PowerBuoy brand.” The PB150 PowerBuoy was deployed using local maritime industry resources. During the ocean testing, periodic inspections of the system have been conducted utilizing Scottish marine operations personnel and vessels. In addition to using the services and fabrication capabilities of local companies for the PowerBuoy’s construction and deployment, OPT’s business strategy is to continue such partnerships with regional suppliers over the expected 25-30 year life cycle of PowerBuoy power stations. Notes to Editors The PB150 draws on OPT’s in-ocean experience gained since 1997 when its first PowerBuoy was deployed. The development of the core PowerBuoy technology has been accomplished in large part as a result of support of the US Navy since 1996. Since that time, OPT’s systems have survived hurricane, tsunami and severe storm conditions in the Pacific and the Atlantic. The PB150 is 135 feet in length, and has a maximum diameter of 36 feet near the ocean surface. The PB150 steel structure was fabricated in Scotland, and the power take-off and control system were built and tested at OPT’s facilities in Warwick, UK and Pennington, New Jersey, USA. The final integration and testing of the complete PowerBuoy was conducted at Invergordon, Scotland.
Earlier this year, the PB150 was certified as compliant with the requirements of the Lloyd’s Register 1999 Rules and Regulations for the Classification of Floating Offshore Installations at a Fixed Location. This provides independent, third-party assurance on the design of the PB150, as analyzed against international standards.About Ocean Power Technologies Ocean Power Technologies, Inc. (Nasdaq: OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy, and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA, with an office in Warwick, UK. More information can be found at www.oceanpowertechnologies.com. Forward-Looking Statements This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K and subsequent filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.