Ocean Power Technologies to Proceed to the Next Phase of U.S. DoE Power Take-Off Technology Contract
The next phase of this project is included in OPT's backlog as listed in its 10-Q for the period ended January 31, 2015.
PENNINGTON, N.J., April 8, 2015 -- Ocean Power Technologies, Inc.
that it has successfully completed a stage gate review with the Department
of Energy (DoE) related to its Power Take-off (PTO) technology that could be
used with both small and large scale PowerBuoys. Evaluation criteria for the
stage gate review included PTO cost reduction, simplification of the
manufacturing process, increased reliability, increased efficiency and
overall reduction in PowerBuoy(R) Levelized Cost of Energy (LCOE).
Ocean Power Technologies demonstrated considerable advancements in all of
these criteria and presented what it believes to be a practical approach to
aggregating the power output of optimized PowerBuoys.
George Kirby, President and Chief Executive Officer of OPT, commented, "We
appreciate the continued investments by the U.S. Department of Energy in
support of our efforts to advance the marine renewable energy industry's
knowledge of PTO efficiency and costs and look forward to advancing that
knowledge in the next phase of our contract. We believe these findings
define a viable path toward developing scalable PowerBuoy commercial
products suitable for large and small scale power applications."
The next phase of this project is included in OPT's backlog as listed in its
10-Q for the period ended January 31, 2015.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies
(Nasdaq:OPTT) is a pioneer in renewable wave-energy technology that converts
ocean wave energy into electricity. OPT's proprietary
PowerBuoy(R) technology is based on a modular design and has undergone
periodic ocean testing since 1997. OPT specializes in advanced autonomous
(not grid connected), cost-effective, and environmentally sound ocean wave
based power generation and management technology.