Ocean Power Technologies’ PB3 PowerBuoy® Achieves New Operational Milestone
19 August 2020 - 11:00PM
Ocean Power Technologies, Inc. (“OPT” or “the Company”)
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced that the PB3 PowerBuoy® operating
in the Adriatic Sea has surpassed 600 days of continuous operation
for Eni’s Phase 1 resident autonomous underwater vehicle (AUV)
project.
“The PB3 PowerBuoy® continues to validate its durability as a
proven marine power asset,” said George H. Kirby, President and
Chief Executive Officer of OPT. “The Adriatic Sea mission
exemplifies the PB3’s capabilities in real-time and is an ongoing
testament to OPT’s ability to deliver established technologies,
constantly reinforcing our standing as a leader in offshore power
solutions able to meet the unique needs of our customers.”
Initially leased by Eni, one of the world’s largest energy
companies, in 2018 for an 18-month mission to convert wave energy
into electricity for powering underwater vehicles, the PB3
PowerBuoy® lease was extended in March 2020 for an additional 18
months.
To date, this PB3 PowerBuoy® has produced more than 2.7 MWh
since it was deployed. The power takeoff (PTO) – OPT’s patented
wave energy conversion system that converts ocean wave motion into
rotary motion to drive a generator – has made more than 3.5 million
cycles. Over the past four years, OPT has put several PTO
systems through both ocean-based and factory accelerated life
testing, accumulating more 40 million cycles among them.
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative, and cost-effective ocean energy
solutions. Its PowerBuoy® solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.oceanpowertechnologies.com.
Forward-Looking StatementsThis release may
contain forward-looking statements that are within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by certain words or
phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions
or variations of such expressions. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance. 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 Forms 10-Q and 10-K and subsequent filings
with the SEC 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.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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