Ocean Power Technologies, Inc.

MONROE TOWNSHIP, NJ, July 18 2022 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data service solutions, energy and consulting firm, today announced that the U.S. Department of Energy (DOE) has selected the company for Phase II development of a next-generation wave energy converter.

“After successfully winning the DOE Phase I award in April 2022, this continued investment by the U.S. government in new, innovative, and clean ocean energy technology is critical to achieving our nation’s blue economy goals,” said Philipp Stratmann, President and CEO. Director General of the OPT. “This DOE award will be used to expand our Power-as-a-Service and Data-as-a-Service solutions, which will help us accelerate the development of our next generation of wave energy conversion technologies. “

As part of the DOE’s recently released awards for Small Business Innovation Research (SBIR) Projects in Clean Energy, OPT will receive up to $1,097,212 over the next 18-24 months to develop and test a modular and scalable wave energy converter (MOSWEC) PowerBuoy® for reliable powering of autonomous ocean monitoring systems, bringing an all-new PowerBuoy® in our offer.

OPT holds several patents related to MOSWEC technology, which generates energy from the relative motion caused by ocean waves. OPT’s MOSWEC design has a hermetically sealed shell to protect internal components, is about the size of a standard shipping container, and is easily transportable and deployable. Additionally, the design is scalable to support a wide range of applications and missions, including maritime domain awareness, autonomous vehicle charging, and subsea power.

About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner and more productive ocean operations for the defense and security, oil and gas, science and research and industrial markets. offshore wind. Our PowerBuoy® the platforms provide clean, reliable power and real-time data communications for maritime and remote submarine applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. Our headquarters are located in Monroe Township, New Jersey, and we have offices in Houston, Texas and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

Forward-looking statements
This release may contain forward-looking statements that fall 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”, “believes”, “expects”, “will continue”, “anticipates”, “estimates”, “intends”, “plans”, “envisions”, “seeks”, “future “, “goal”, “objective”, “project”, “should”, “will pursue” and similar expressions or variations of these expressions. These forward-looking statements reflect the Company’s current expectations regarding its future plans and performance. These forward-looking statements are based on a number of assumptions and estimates which may be inaccurate and subject to risks and uncertainties. Actual results could differ materially from those anticipated or expressed in any forward-looking statements made by the Company. Please refer to the Company’s most recent Forms 10-Q and 10-K and subsequent filings with the United States Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intention to update any forward-looking statements to reflect events or circumstances after the date of this release.

Contact information
Investors: 609-730-0400 x401 or [email protected]
Media: 609-730-0400 x402 or [email protected]