PENNINGTON, N.J. -- (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
achieved an independent certification for its utility scale PowerBuoy®,
the PB150, by the internationally respected Lloyd’s Register.
The certificate from Lloyd’s Register confirms that the PB150 design
complies with the requirements of Lloyd’s 1999 Rules and Regulations for
the Classification of Floating Offshore Installations at a Fixed
Location. This provides independent, third-party assurance on the design
of the PB150 PowerBuoy for its intended use, as analyzed against
international standards.
Ross Wigg, Renewables Leader at Lloyd’s Register, said: “Ocean Power
Technologies is the first wave energy device developer that has
approached Lloyd’s Register for its assurance services. Our extensive
experience in the offshore energy sector is critical to the fast
developing offshore renewable developments and our certification of the
PowerBuoy is a significant step for Ocean Power Technologies’ product
offering. It demonstrates their commitment to providing safe and
efficient products to generate low-cost, clean energy.” Wigg continued:
“The process included detailed design analysis and appraisals, including
the PB150’s structure, hydrodynamics, mooring and anchoring.”
Charles F. Dunleavy, Chief Executive Officer of OPT, said: “To have met
the stringent requirements of Lloyd’s Register for certification of our
PB150 PowerBuoy is testament to the quality of our engineers and
delivery processes, and draws on our sixteen-year experience in
developing wave energy systems to operate and survive in the demanding
ocean environment. Lloyd’s Register has an outstanding reputation for
providing its analysis and appraisals to the marine, offshore energy and
shipping industries. This is a major milestone in the commercialization
of our PowerBuoy technology, and gives our customers, investors, and
project partners further confidence that our products are market ready
and robust.”
The achievement of this certification for the PB150 PowerBuoy follows
from the Company’s successful installation in December 2009 of its PB40
PowerBuoy in Oahu, Hawaii and its connection to the grid. That project
is part of OPT’s on-going program with the US Navy to develop and test
the PowerBuoy technology, and has contributed to the roll-out of OPT’s
next generation PB150 system for the electrical utility markets. The
first PB150 device is currently being prepared for transit (subject to
weather conditions) to a location off the coast of Inverness, Scotland
for planned ocean testing.
In July 2007, OPT announced that its PowerBuoy interface with the
electrical utility power grid had been certified as compliant with
international standards. An independent laboratory, Intertek Testing
Services, provided testing and evaluation services to certify that OPT
systems comply with designated national and international standards,
including UL1741 and IEEE1547.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect the Company's
current expectations about its future plans and performance, including
statements concerning the impact of marketing strategies, new product
introductions and innovation, deliveries of product, sales, earnings and
margins. 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 Form 10-K
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.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean
wave resources to generate reliable and clean and
environmentally-beneficial electricity. OPT has a strong track record in
the advancement of wave energy. The Company participates in a $150
billion annual power generation equipment market. OPT’s proprietary
PowerBuoy® system is based on modular, ocean-going buoys that capture
and convert predictable wave energy into clean electricity. The Company
is widely recognized as a leading developer of on-grid and autonomous
wave-energy generation systems, benefiting from over a decade of
in-ocean experience. OPT is headquartered in Pennington, New Jersey with
an office in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
About Lloyd’s Register Group
Lloyd’s Register provides independent assurance to companies operating
capital intensive assets in energy and transportation to enhance the
safety of life, property and the environment, so helping its clients
ensure safe, responsible and sustainable supply chains. Lloyd’s Register
has a 250-year history of independently assessing the safety and
performance of ships and offshore structures In 1760, 11 men met in
Edward Lloyd’s coffee house to talk about publishing a list of ships, a
register to define their quality and safeguard life and property carried
on them. In the years since then Lloyd’s Register has applied its
expertise across the energy and transportation sectors, helping to make
the world a safer place. In 2010 we are celebrating 250 years of service
and quality and we are looking forward to the new challenges the future
brings. The Group comprises charities and non-charitable companies, with
the latter supporting the charities. More information can be found at www.lr.org.
Contacts:
Ocean Power Technologies, Inc.
Charles F. Dunleavy, Chief
Executive Officer
Brian M. Posner, Chief Financial Officer
+1
609 730 0400
or
Nomura Code Securities Limited
Juliet
Thompson, Richard Potts
+44 20 7776 1200
or
Media Contact:
Corfin
Public Relations Limited
Neil Thapar, Claire Norbury
+44
20 7596 2860
Source: Ocean Power Technologies, Inc.
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