7th Jun 2007 07:00
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London StockExchange AIM: OPT) ("OPT" or the "Company") announced today that ithas been awarded a US $1.7 million contract from the US Navy toprovide its PowerBuoy(R) technology to a unique program for ocean datagathering. The Navy's Deep Water Acoustic Detection System ("DWADS")program is designed to utilize sophisticated data gathering andcommunications systems. £ This advanced technology program has prospective applicationswhich include vessel tracking for homeland security, and utilizeswide-area unattended sensor networks. Under this contract, the Navywill ocean test OPT's autonomous PowerBuoy as the power source for theDWADS program. In addition, OPT will support the Navy's ocean testprocedures in the areas of mooring design, at-sea operations anddeployment. OPT's performance under this contract will commence inJune 2007, and is expected to continue over an eighteen-month period. £ Dr. George W. Taylor, Chief Executive Officer of OPT, stated, "Weare very pleased to have been selected by the Navy for this ocean testof our autonomous PowerBuoy technology and to support this importantprogram. It builds on our prior experience in deep-water power sourceapplications, and we believe that the advanced control features of thePowerBuoy will make a unique contribution to the success of the Navy'sinitiatives." £ About Ocean Power Technologies £ Ocean Power Technologies, Inc. develops and is commercializingproprietary systems that generate electricity by harnessing therenewable energy of ocean waves. The Company's PowerBuoy(R) system isbased on modular, ocean-going buoys, which have been ocean tested fornearly a decade. The waves move the buoy-like structure creatingmechanical energy that the Company's proprietary technologies convertinto electricity. Copyright Business Wire 2007Related Shares:
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