OPT awarded $2.75m by US Navy
04 Outubro 2010 - 3:00AM
UK Regulatory
TIDMOPT
RNS Number : 7627T
Ocean Power Technologies Inc
04 October 2010
OCEAN POWER TECHNOLOGIES AWARDED $2.75 MILLION BY
US NAVY FOR MARITIME SECURITY PROGRAM
Pennington, New Jersey - October 4, 2010 -- Ocean Power Technologies, Inc.
(Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company")
announces that the US Navy has awarded $2.75 million in additional funding to
OPT for a second stage under its existing contract to provide an autonomous
PowerBuoy wave energy conversion system for the Navy's near-coast
anti-terrorism and maritime surveillance program.
The new award follows the successful completion by OPT of the first stage of a
four-year $15.0 million project for the US Navy's Littoral Expeditionary
Autonomous PowerBuoy (LEAP) program.
Charles F. Dunleavy, Chief Executive Officer of OPT, said: "OPT is delighted to
receive this new funding from the US Navy. We appreciate the confidence that the
Navy has shown in OPT and our autonomous PowerBuoy, which is based on a
long-standing and productive partnership. Over a numbers of years, the US Navy
has provided key funding to OPT for the development of our core PowerBuoy
technology. This has provided the platform from which we have developed our
autonomous PowerBuoy, as well as our 150 kilowatt-rated utility PowerBuoys now
being built in Oregon and Scotland. With the recent achievement of
grid-connection of our PowerBuoy at the Marine Corps Base in Hawaii and progress
on the Navy's Deep Water Active Detection System program, we look forward to
strengthening our relationship with the Navy to harness wave power for maritime
security and utility applications."
During the first 12-month stage under the LEAP program, OPT successfully
completed delivery of the design and testing of a new power take-off system for
its autonomous PowerBuoy. This represents a major step toward developing a
LEAP-based vessel detection system. OPT's sub-contractor, Rutgers University,
contributed to the system's radar network and communications infrastructure,
while Mikros Systems Corporation provided the interface to the Navy's tactical
system. In the second stage of the program, also to be performed over a one-year
period, the Company will build and ocean-test a LEAP system off the coast of New
Jersey.
Dr. Philip R. Hart, OPT's Chief Technology Officer, stated: "There were some
significant technical challenges in providing a power generation and delivery
product to the exact requirements given to us by the Navy. However, using its
unique knowledge and know-how, the team has delivered a high quality product
that meets or exceeds all those customer targets."
The LEAP program, first announced in October 2009, is aimed at enhancing the US
Navy's homeland security and force protection capability through the provision
of continuous non-grid connected power at sea. The objective entails combining a
number of technologies, including at-sea sensors, communications, real-time
signal processing and OPT's PowerBuoy with the ultimate aim of developing a
vessel detection system. The benefits for the United States are expected to
include protection for critical infrastructure, drug traffic interdiction and
detection of surface and subsurface maritime threats. The project has received
strong support from the New Jersey congressional delegation.
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 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.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)
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 a $150
billion annual power generation equipment market. The Company's proprietary
PowerBuoy system is based on modular, ocean-going buoys that capture and
convert predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading developer of on-grid and autonomous wave-energy
generation systems, benefiting from over a decade of in-ocean experience. OPT's
technology and systems are insured by Lloyds Underwriters of London. OPT is
headquartered in Pennington, New Jersey with offices in Warwick, UK. More
information can be found at www.oceanpowertechnologies.com.
**********
Contact information:
+----------------------------------------+---------------------------------+
| Ocean Power Technologies, Inc. | |
| Charles F. Dunleavy, Chief Executive | Telephone: +1 609 730 0400 |
| Officer | |
| Brian M. Posner, Chief Financial | |
| Officer | |
| | |
+----------------------------------------+---------------------------------+
| Nomura Code Securities Limited | |
| Juliet Thompson, Richard Potts | Telephone: +44 20 7776 1200 |
+----------------------------------------+---------------------------------+
| Media Contact: | |
| Corfin Public Relations | |
| Neil Thapar, Claire Norbury | Telephone: +44 20 7596 2860 |
| | |
+----------------------------------------+---------------------------------+
******
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The company news service from the London Stock Exchange
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