OPT expands relationship with Mitsui in Japan

 

TIDMOPT 
 
RNS Number : 7520V 
Ocean Power Technologies Inc 
08 November 2010 
 

 
 
    OCEAN POWER TECHNOLOGIES EXPANDS RELATIONSHIP WITH MITSUI ENGINEERING & 
                                  SHIPBUILDING 
 
Pennington, New Jersey - November 8, 2010 - Ocean Power Technologies, Inc. 
(Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") is 
pleased to announce that it has expanded its relationship with Mitsui 
Engineering & Shipbuilding Co. Ltd. ("MES") with the signing of a new contract 
to develop OPT's PowerBuoy technology for its application in Japanese sea 
conditions. 
 
Under this new contract, the two companies will work together to develop a new 
mooring system for OPT's PowerBuoy , customized for wave power stations off the 
coast of Japan. The new system will undergo testing at MES's wave tank 
facilities to verify the results of extensive computer modeling. OPT expects to 
receive 18 million yen (approximately $220,000) for its development efforts. 
Work under this agreement is expected to be performed over the next six months. 
 
In October 2009, it was announced that OPT and a consortium (the "Consortium") 
of MES, Idemitsu Kosan Co., and Japan Wind Development Co. had signed a 
Memorandum of Understanding (the "MOU") for the development of wave energy in 
Japan. OPT and members of the Consortium have since worked with the Japanese 
government to increase recognition of wave power in Japanese energy policy. 
Further building on the MOU, OPT and MES intend to complete work on the mooring 
system and progress the identification of a project site for an in-ocean trial 
of the PowerBuoy system. 
 
Charles F. Dunleavy, Chief Executive Officer of the Company, said: "We are very 
pleased to continue to build on our relationship with MES. This new agreement is 
consistent with OPT's global strategy to form alliances with strategic partners 
in key markets. We believe working with MES will facilitate the realization of 
the great potential of wave power as a concentrated and predictable source of 
renewable energy for Japan." 
 
The Japanese government has pledged to target a 25 percent cut in greenhouse gas 
emissions from 1990 levels by 2020 as part of its intentions to boost renewable 
energy sources to about 10 percent of primary energy supply by 2020. The 
Japanese government has specifically targeted wave energy as a component of this 
strategy. 
 
Mr. Ryoichi Jinkawa, Managing Director of the Business Development and 
Innovation Headquarters of MES, said: "We continue to be impressed with OPT's 
technical strength and in-ocean experience. MES is very excited by the great 
business opportunity resulting from our relationship with OPT. We look forward 
to continuing to work with OPT in making our common vision of increasing the use 
of renewable energy a reality." 
 
Forward-Looking Statements 
 
This release may contain "forward-looking statements" that are within the safe 
harbor provisions of the Private Securities Litigation Reform Act of 1995. These 
forward-looking statements reflect the Company's current expectations about its 
future plans and performance, including statements concerning the impact of 
marketing strategies, new product introductions and innovation, deliveries of 
product, sales, earnings and margins. These forward-looking statements rely on a 
number of assumptions and estimates which could be inaccurate and which are 
subject to risks and uncertainties. Actual results could vary materially from 
those anticipated or expressed in any forward-looking statement made by the 
Company. Please refer to the Company's most recent Form 10-K for a further 
discussion of these risks and uncertainties. The Company disclaims any 
obligation or intent to update the forward-looking statements in order to 
reflect events or circumstances after the date of this release. 
 
 
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. 
 
 
 
About Mitsui Engineering & Shipbuilding Co. 
 
The principal business of Mitsui Engineering & Shipbuilding ("MES") is machinery 
and shipbuilding.  With annual revenues in excess of $8.0 Billion, MES' 
activities include manufacturing and sales of various types of industrial 
machinery, such as engines, boilers, gas turbines and robotic systems, and plant 
construction for water and waste treatment facilities, bridges, and watergates. 
Its shipbuilding business comprises a broad array of natural resource carriers 
and hull tankers.  MES is a publicly-held company with over 10,000 employees. 
 
Contact information: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| George W. Taylor, Executive Chairman   | Telephone: [phone]      | 
| Charles F. Dunleavy, Chief Executive   |                                 | 
| Officer                                |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: [phone]     | 
+----------------------------------------+---------------------------------+ 
| Media Contact:                         |                                 | 
| Corfin Public Relations Limited        |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: [phone]     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
****** 
 
 
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