Powerbuoys News

Ocean Power Technologies, Inc. (OPT) and Mitsui Engineering & Shipbuilding Co., Ltd. (MES) announced that they have signed a new agreement to cooperate in the development and commercialization of OPT's PowerBuoy technology. Building on the successful work previously done together by the companies, this agreement sets forth the terms of technology licensing and other financial arrangements between MES and OPT regarding OPT's PowerBuoy systems. Under the terms of the agreement,…

Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced financial results for its fiscal fourth quarter and year ended April 30, 2011. • 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…

Ocean Power Technologies, Inc. (OPTT, OPT.L), a developer of PowerBuoy systems that generate electricity by harnessing the renewable energy of ocean waves, said it received an additional $1.9m for the installation of PowerBuoys, in connection with its on-going contract with the U.S. Navy. According to the Pennington, New Jersey- based company, the fund will primarily support the testing and monitoring of the next PowerBuoy systems to be installed off the Marine Corps Base in Hawaii at Kaneohe Bay. The site is one mile away from the coast and 100 feet deep in the sea. Ocean Power indicated that the systems will be tested at the sites and the performance data collected would support the on-going engineering of the next generation of PowerBuoys.