http://www.oceanpowertechnologies.com/

Wednesday, November 12, 2008

Navy-funded wave farm under way in Hawaii

PENNINGTON, N.J., Nov 12, 2008 (BUSINESS WIRE) -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") is pleased to announce that it has installed one of its PowerBuoy(R) wave power generation units near Kaneohe Bay on the island of Oahu, Hawaii. This is the third PowerBuoy to be deployed by OPT over the past two months at sites in both the Atlantic and Pacific Oceans. The Oahu PowerBuoy was launched under the Company's ongoing program with the US Navy for installation of PowerBuoys off Marine Corps Base Hawaii at Kaneohe Bay and will be connected to the Oahu power grid. Further, the US Navy has added $300,000 in funding for this program to provide for extended operation of the PowerBuoy system.

Deployment of the PowerBuoy was supported by Hawaiian diver and workboat subcontractors. The PowerBuoy is located approximately one mile off the coast, in 100 feet of water. Compact and modular in design, the system resembles an ocean-going buoy and is less than 12 feet in diameter and 55 feet long. It is based on OPT's proprietary design and is primarily below the sea surface, with minimal visual impact.

The power produced has been in accord with OPT's predictive models, and is undergoing continuous monitoring at OPT's Pennington, New Jersey facilities, 5,000 miles away from the PowerBuoy in Hawaii. The monitoring at OPT's facility in New Jersey of the system's operations includes real-time receipt of data via radio link and internet-based communications, from the many on-board sensors. The system has the capability to amend its operating mode automatically, in reaction to changing sea states.

Previously, the OPT wave power project at Oahu underwent an extensive environmental assessment by an independent engineering company in accordance with the National Environment Policy Act (NEPA). This study featured evaluation of potential impacts on the seabed; fish, organisms and mammals; vegetation; and sea quality. The study concluded that the project would have no significant impact on the environment, which is the highest such rating.

Dr. George W. Taylor, CEO of OPT stated, "Our engineering group has done a superb job of executing the design, build, test and deployment of this PowerBuoy system in Hawaii. We are pleased to be a part of the Navy's effort to develop and commercialize new technologies to reduce the Navy's dependence on fuel shipments for power generation facilities, and to meet its strategic goals and other sustainability initiatives." Taylor continued, "We greatly appreciate the support which the program has received from the Congressional delegations of Hawaii and New Jersey, the US Navy, and the encouragement of Marine Corps Base Hawaii."

OPT and the US Navy have been jointly advancing PowerBuoy technology for a number of years. This has resulted in contributions to the PowerBuoy design and increased operational efficiency. These advancements benefit both utility scale, grid-connected PowerBuoys, and those used for autonomous applications in deep ocean conditions, for both the commercial and government sectors.