OPT Gets Final OK for PB40 Wave Energy Device

Ocean Power Technologies has received final permit approval from the New York District Army Corps of Engineers for its PB40.

The company has also provided the required notice periods to the U.S. Coast Guard and other parties involved in the permitting process. The PB40 PowerBuoy® will be deployed approximately 30 nautical miles southeast of the New York City Harbor.

Buoy operation is planned at this location, including the gathering of operating performance and wave data for up to one year, in accordance with the U.S. Bureau of Ocean Energy Management requirements.

George Kirby, President and Chief Executive Officer of OPT commented, “I am happy to say that we remain on track to meet the deliverables that we set out earlier this year. We are excited to have achieved a fully permitted status which brings us significantly closer to deployment. We have begun the process of deploying mooring lines for the buoy and are monitoring for a suitable weather window for buoy deployment. The upcoming deployment of the PB40 will provide invaluable performance data and will continue to deepen OPT’s expertise in the use of renewable Marine Hydrokinetic devices of various sizes in providing autonomous (gridindependent) power for customers in the ocean observing, offshore wind, oil & gas, and security and defense markets. We believe this deployment will enhance dialogue with potential customers and partners interested in enabling and cost-effective energy solutions for their offshore energy needs.”

Mr. Kirby noted that the permitting process for the Company’s APB-350 A1 deployment is well underway, and is anticipated for the summer of 2015.