Grant and additional listing of shares

OCEAN POWER TECHNOLOGIES announces GRANT AND

ADDITIONAL LISTING OF SHARES

Pennington, NJ - October 11, 2010 - Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT"' or the "Company") announces, in compliance with the Rules of the AIM Market of the London Stock Exchange ("AIM"), that on October 7, 2010, shares of OPT's $0.001 Common Stock ("Common Stock") were granted to non-executive Directors of the Company under the Company's 2006 Stock Incentive Plan. The Common Stock grants to non-executive Directors are in connection with their annual fee for service on OPT's Board of Directors. In accordance with the Board compensation program, the non-executive Directors each received the number of shares worth $10,000 based on the closing market price of $5.25 on the Nasdaq market on the date of grant. The shares were granted to the Directors as follows:

Seymour S. Preston III (non-executive Director): 1,905 shares which vest over three years starting on the first anniversary of the grant in an equal annual number of shares. Following this award, Mr. Preston holds options for 10,000 shares, and owns 13,151 shares of OPT's Common Stock, representing approximately 0.13% of the shares in issue.

J. Victory Chatigny (non-executive Director): 1,905 shares which vest over three years starting on the first anniversary of the grant in an equal annual number of shares. Following this award, Mr. Chatigny owns 12,935 shares of OPT's Common Stock, representing approximately 0.12% of the shares in issue.

Thomas J. Meaney (non-executive Director): 1,905 shares which vest over three years starting on the first anniversary of the grant in an equal annual number of shares. Following this award, Mr. Meaney holds options for 5,000 shares, and owns 10,663 shares of OPT's Common Stock, representing approximately 0.10% of the shares in issue.

Paul F. Lozier (non-executive Director): 1,905 shares which vest over three years starting on the first anniversary of the grant in an equal annual number of shares. Following this award, Mr. Lozier holds options for 3,000 shares, and owns 14,088 shares of OPT's Common Stock, representing approximately 0.14% of the shares in issue.

With respect to these Common Stock grants, the Company has allotted 7,620 shares of Common Stock and application has been made to AIM for the admission to trading of these 7,620 shares of Common Stock. These shares rank pari passu with the Company's existing shares of Common Stock and dealings on AIM are expected to commence on October 15, 2010.

Following this listing the Company will have 10,419,183 Common shares in issue.

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 and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy. The Company participates in a $150 billion annual power generation equipment market. OPT's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into 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 systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with an office in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

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