Ocean Power Technologies Wins US $3M PowerBuoy Contract from US Navy

Ocean Power Technologies Inc. (OPT) has announced that it has been awarded a new US $3 million contract for participation in the second phase of the U.S. Navy’s Deep Water Active Detection Systems (DWADS) program, which is designed to utilize sophisticated data gathering and communications systems. This technology program has prospective applications using multiple PowerBuoys for homeland security including powering sensor networks over wide areas of the ocean.

Under the first phase of the program OPT deployed an initial test design of its autonomous PowerBuoy 75 miles off the coast of New Jersey. This first phase ocean test provided power generation data that validated OPTs power predictions for the system, the company said.

The new contract provides for ocean testing by the Navy of an advanced version of the autonomous PowerBuoy for the Navys operational requirements. In addition, OPT will support the Navys ocean test procedures in the areas of mooring design, at-sea operations and deployment.

[Our] order backlog previously reported as of July 31, 2008 was US $3.7 million. Winning this contract significantly increases the Companys order backlog and is in addition to the US $2 million award received in early October 2008 from the U.S. Department of Energy for OPTs Reedsport, Oregon project. These two contracts totaling US $5 million emphasize the dual market opportunities for OPTs PowerBuoy in both utility and autonomous applications,” said Dr. George Taylor, CEO of OPT.

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