'PowerBuoy' Deployed off New Jersey Coast

Press Release - Ocean Power Technologies, Inc. (OPT) has deployed its APB350 A1 PowerBuoy approximately 14 miles northeast of Atlantic City, N.J.

Real-time performance and weather data will be collected and transmitted to OPT's monitoring and analysis center at its corporate headquarters in Pennington, N.J.

According to OPT, the APB350 A1 contains an improved Power Takeoff (PTO) system compared to the APB350 that was deployed in 2011 in connection with the U.S. Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) Program and then redeployed in 2013 in conjunction with the U.S. Department of Homeland Security.

George H. Kirby, President and Chief Executive Officer of OPT, commented, "The APB350 is designed to provide a robust and cost effective alternative to incumbent solutions that utilize battery, solar and diesel power. We continue to have interest from potential customers in the APB350, and we look forward to sharing our A1 performance data with them."

The APB350 A1 features an advanced PTO design with a focus on reliability, manufacturability, cost and efficiency improvement. It utilizes OPT's prior generation modular energy storage system (ESS) capable of supplying uninterrupted power to its payloads for up to seven days in calm sea states.