New Unit Will Focus on Addressing Global Market Potential
for Autonomous PowerBuoys
PENNINGTON, N.J., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Ocean
Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or
"the Company"), a leading wave energy technology
company, today announced the formation of an Autonomous
PowerBuoy Business Unit within the Company. This new group
will target and develop opportunities in the large potential
market for OPT's non-grid-connected PowerBuoys.
While OPT continues actively to pursue its grid-connected
Utility Systems business, the new business unit will aim to
leverage OPT's leadership position in the development and
ocean testing of Autonomous PowerBuoys.
Both Utility and Autonomous markets are served by the same
fundamental PowerBuoy technology, though the key drivers of
the Autonomous market are the application-specific needs of
the prospective customers. OPT's products for this market
have been developed for off-grid applications such as defense
and homeland security, offshore Oil and Gas operations and
oceanographic data gathering. The Company believes the
Autonomous PowerBuoy market may represent a significant
opportunity for profitable growth.
The Company has appointed Dr. Phil Hart to the new position
of Senior Vice President, Autonomous Power, reporting to
OPT's Chief Executive Officer. In his new role, Dr.
Hart will lead the Company's efforts in developing the
Autonomous PowerBuoy business. He previously served in the
role of Chief Technology Officer since joining OPT in
February, 2009. OPT shortly will announce the filling of the
new role of Vice President of Engineering.
Dr. Hart commented, "This is an exciting step forward
for OPT as we seek to focus on and accelerate the
commercialization of our Autonomous product offerings. Our
success on projects and long-term relationships within the US
defense sector have demonstrated a recurring need on which
OPT's new business unit can capitalize and leverage for
further growth. Autonomous PowerBuoys represent a key
opportunity for OPT to realize significant profitable
revenue. Building on the new and unique technology which
has been successfully developed over my tenure as CTO, I
believe that with great products and a diverse market, my new
team has the potential to build a sustainable and large
revenue stream for OPT."
Charles F. Dunleavy, Chief Executive Officer of OPT,
commented, "As we continue our efforts towards
commercialization of our PowerBuoys in several locations
worldwide, we are taking important steps to sharpen our focus
on the markets we serve. Phil is uniquely qualified to
spearhead our efforts for the Autonomous PowerBuoy product
line. His extensive background in business and
technology development make him ideally suited to driving
forward this dynamic, technology-focused growth area."
Dunleavy continued, "We are making important progress in
the development of our Utility PowerBuoy operations and the
expansion of our grid-connected sales around the
globe. We also plan to announce the hiring of a Vice
President of Engineering to take over Phil's prior
responsibilities and round out the management
team. These moves will allow Ocean Power Technologies to
pursue growth opportunities more aggressively across a
variety of applications and markets. We believe this
will improve our business outlook for years to come."
The changes reflect the expansion of OPT's core PowerBuoy
offering, which, in response to customer demand, now
encompasses a greater range of Autonomous products and
services. For example, the Company's APB-350, or LEAP,
Autonomous product features an on-board enhanced tracking
technology covering a wider range of vessel surveillance,
including both HF radar and acoustic sensors.
The Company's business development activities in the
Utility sector will remain focused on higher output devices
for grid-connected wave power stations.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq:OPTT) 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 and participates in an estimated $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 15 years of
in-ocean experience. OPT is headquartered in Pennington, New
Jersey, USA with an office in Warwick, UK and operations in
Melbourne and Perth, Australia. More information can be found
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 and subsequent
filings with the Securities and Exchange Commission 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: Company Contact:
Ocean Power Technologies, Inc.
Brian M. Posner, Chief Financial Officer
Telephone: +1 609 730 0400
MAGNUS Corporate Communications
John Gardner, Blake Wilshaw
Telephone: +61 89 212 0101
Investor Relations Contact:
Telephone: +1 646 438 9385
Ocean Power Technologies, Inc.