EXHIBIT 99.1
(OPT LOGO)
Ocean Power Technologies Announces Results for the
Fiscal Fourth Quarter and Year Ended April 30, 2011
Record Backlog and Major Deployment Achieved
Pennington, NJ — July 14, 2011 — Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”) today announced financial results for its fiscal fourth quarter and year ended April 30, 2011.
Highlights
   
Contract backlog increased to a record $8.9 million as of April 30, 2011. This reflects $10.3 million of new orders brought in during fiscal year 2011, including recent US Department of Energy (“DOE”) awards for the PB150 program in Reedsport, Oregon and for development of the next generation PB500 PowerBuoy.
 
   
Revenue increased by 31% for the twelve months ended April 30, 2011 compared to fiscal 2010, reflecting orders from the US Navy, DOE and the United Kingdom’s Technology Strategy Board.
 
   
Achieved Lloyd’s Register certification for the PB150 PowerBuoy design, providing independent, third-party assurance of its compliance with international standards.
 
   
Successfully deployed the first PB150 PowerBuoy off the coast of Scotland on April 15, 2011, with initial reported power levels for this utility-scale system outperforming expectations. The Company believes the capacity factor represented by these results exceeded that experienced by most other renewable sources.
 
   
First-ever grid connected wave energy device in the US, installed by OPT at the Marine Corps Base in Hawaii, completed 5 million cycles in operation — demonstrating in-ocean performance and survivability.
 
   
Relationship with Mitsui Engineering & Shipbuilding Co. Ltd. strengthened further with the award of a first-stage contract for development of a new PowerBuoy mooring system suitable for Japanese sea conditions.
 
   
On track to build and ocean-test a wave energy conversion system for homeland security under the US Navy’s Littoral Expeditionary Autonomous PowerBuoy (“LEAP”) program during the second half of calendar year 2011.
“Ocean Power Technologies ended fiscal 2011 with the highest backlog in its history as we achieved further progress towards PowerBuoy commercialization,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “We are pleased with the many recent developments, including the successful deployment of our PB150 off Scotland, and we expect the remainder of calendar 2011 to be active as well — with ongoing progress on our PB150 in Oregon and with the planned ocean-test of a LEAP system. We also continue to pursue opportunities in Europe, Australia, the US and Japan, and believe fiscal 2012 will be a year marked by strengthening demand, top line growth and additional operating improvements. Ocean Power Technologies remains at the forefront of making reliable, cost-competitive, clean wave power a commercial reality.”

 

 


The following information was filed by Ocean Power Technologies, Inc. (OPTT) on Thursday, July 14, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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