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Ocean Power Technologies Announces the Deployment of Its First Commercially Designed PB3 PowerBuoy®

PENNINGTON, N.J., July 14, 2016 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (OPTT) (“OPT” or the “Company”) announced today the deployment of its commercial design of the PB3 PowerBuoy® approximately four miles off of the coast of New Jersey. The commercial PB3 incorporates multiple enhancements over early prototypes including a redesigned power take-off (“PTO”), a high-capacity, modular energy storage system (“ESS”) providing flexibility through expanded battery capacity, a higher voltage and efficient power management and distribution system, and a new auto-ballasting system which the Company believes allows for faster and less costly deployment.

George H. Kirby, President and Chief Executive Officer of OPT, stated, “We are delighted to announce that we now have two PB3 PowerBuoys deployed off of the coast of New Jersey, with one of them being our anticipated commercial PB3 product offering. This deployment of our PB3 represents what we expect will be the final validation step prior to release of the product to our target customers and markets. We believe that our commercial PB3 PowerBuoy will position us to competitively address applications in our target markets such as ocean observing, oil and gas, security and defense, and communications. As per our previously announced plan, this deployment represents a major milestone in our commercialization strategy enabling us to put our product in the hands of our customers. I am very proud of this critical company achievement.”

Dr. Mike M. Mekhiche, OPT's Vice President of...


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