Director/PDMR Shareholding

STOCK PURCHASE AND GRANT OF STOCK OPTIONS AND RESTRICTED SHARES

Pennington, NJ - July 19, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces that on July 16, 2010 the Company received notification that on July 16, 2010, Mr. Brian M. Posner, Chief Financial Officer of the Company, purchased a total of 2,000 shares of common stock of the Company on the open market at a price of US $5.44 per share.

The Company also announces in compliance with the AIM Rules that on July 16, 2010, options to purchase shares of common stock, and restricted shares, under the Company's 2006 Stock Incentive Plan were granted to certain Directors and Officers of the Company. The option grants and awards of restricted shares to the following executive Directors are in connection with their annual employee performance reviews, as recommended by the Compensation Committee of the Board of Directors, and approved by the Board of Directors. In addition, options and awards of restricted shares were granted as recommended by the Compensation Committee and approved by the Board of Directors in connection with the hire of Mr. Posner as the Company's Chief Financial Officer. The options and restricted shares were granted to the Directors and Officers as follows:

Dr. George W. Taylor (Director and Executive Chairman): options to purchase 30,000 shares exercisable until July 15, 2020 at US $5.29 per share and 3,000 restricted shares of common. The restricted shares vest over two years based on performance. Following this award, Dr. Taylor holds options for 356,000 shares and 705,801 shares of common stock, including 4,500 restricted shares.

Charles F. Dunleavy (Director and Chief Executive Officer): options to purchase 30,000 shares exercisable until July 15, 2020 at US $ 5.29 per share and 3,000 restricted shares of common stock. The restricted shares vest over two years based on performance. Following this award, Mr. Dunleavy holds options for 376,250 shares and 201,976 shares of common stock, including 124,500 restricted shares.

Brian M. Posner (Chief Financial Officer): options to purchase 30,000 shares exercisable until July 15, 2020 at US $ 5.29 per share and 10,000 restricted shares of common stock. The restricted shares vest over three years based on performance. Following this award and his purchase of shares, Mr. Posner holds options for 30,000 shares and 12,000 shares of common stock, including 10,000 restricted shares.

The exercise price of US $5.29 per share is equivalent to the closing market price of the Company's Common stock on the Nasdaq market on July 16, 2010.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT's technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

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