Director's Dealing

DIRECTOR'S DEALING

Pennington, NJ - February 2, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces in compliance with AIM Rules that in connection with his appointment as the Company's Chief Executive Officer, Charles F. Dunleavy received on January 28, 2010, a grant of options to purchase 55,000 shares of the Company's $0.001 Common Stock ("Shares") exercisable through January 27, 2020 at US $6.40 per share, and an award of 120,000 restricted shares. A significant portion of the restricted Shares are subject to the achievement of certain performance criteria, and the total of such restricted Shares represents 1.2% of OPT's issued share capital. The option grants and awards of restricted shares were recommended by the Compensation Committee of the Board of Directors, and approved by the Board of Directors. Following this award, Mr. Dunleavy holds options for 346,250 shares and 198,976 shares of common stock, including 123,000 restricted shares.

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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