OCEAN POWER TECHNOLOGIES COMPLETES FIRST OF NEW GENERATION UTILITY-SCALE WAVE POWER DEVICE

Ocean Power Technologies, Inc. a leading wave energy technology company,announced the completion of the first of its new generation utility-scale PowerBuoy® device, the PB150. The PB150 PowerBuoy is the largest and most powerful wave power device designed by OPT to date, and builds on the Company's 15 years' innovation and in-ocean development experience of producing such systems. With a peak-rated power output of 150 kilowatts - equivalent to the energy consumption of approximately 150 homes - the PB150 is designed for use in arrays for grid-connected power generation projects worldwide. The development of the device, built and assembled at Invergordon, Scotland, has utilized the skills of local firms and represents a multi-million pound sterling investment in the region. It is currently being prepared for ocean trials at a site approximately 33 nautical miles from Invergordon, off Scotland's northeast coast. The sea trials are expected to commence as soon as weather conditions permit. The Company is seeking additional financing for the commercial utilization of the buoy after the trial phase is completed including its possible deployment at various potential sites. A second PB150 is already under construction in the US for a proposed utility-scale project in Oregon, and the Company is involved in other planned projects in Australia, Japan and Europe that may utilize the PB150.

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