Ocean Power Technologies Announces Formation of a Technical Advisory Panel to Accelerate Commercial Market Adoption of PowerB...
September 21 2015 - 7:46PM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
("OPT" or "the Company") announced today that it has formed a
Technical Advisory Panel ("TAP") as part of its intensified efforts
to accelerate PowerBuoy® commercialization and market adoption. The
TAP consists of selected potential customers, end-users, technical
stakeholders, and scientific consultants from various markets to
incorporate a wide spectrum of applications and market
requirements. The six companies that make up the panel include
Gardline Marine Sciences, DNV GL, as well as representatives from
two major oil & gas operators, a large oil and gas equipment
manufacturer and a leading meteorological and oceanographic sensor
manufacturer. The University of Western Australia (UWA) Centre for
Offshore Foundation Systems (COFS) participates to the TAP by
providing scientific advices related to foundation engineering.
Gardline Marine Sciences is an international and
multi-disciplinary marine service company at the forefront of
marine operations and management. They combine high quality marine
science, real world commercial acumen with the latest technology
and software, research analysis and management tools, to offer a
full range of marine scientific services.
DNV GL is an international certification body and classification
society with main expertise in technical assessment, research,
advisory, and risk management. Together with the industry, they
help drive the oil and gas sector forward by developing new
technical solutions, standards and industry best practices.
The UWA COFS provides solutions to worldwide offshore mooring
and structural foundation needs through high-quality and
sophisticated modelling and experimental facilities. They are one
of the world's largest teams of internationally recognized
researchers in offshore geomechanics. It uses its expertise to
service the offshore petroleum and renewable energy industries at
both a national and international level.
The panelists will review and provide critical industry feedback
on market and application requirements and test protocols in order
to increase speed to market. This long term collaboration is
initially focused on the APB350.
David "Duncan" Heinz, Chief Operating Officer of OPT and TAP
Co-chair, commented, "The Technical Advisory Panel is a critical
component of our commercialization strategy. It provides a means to
communicate timely PowerBuoy® performance feedback and to solicit
input from market stakeholders and industry experts about end-user
applications in order to accelerate market adoption. Our goal is to
provide reliable, durable, and cost-effective offshore autonomous
power solutions where current solutions are either too costly or
unavailable, and will enable many new customer applications. The
TAP engages these market participants in the validation and
commercialization process, which will help us achieve our
objectives faster."
Dr. Mike Mekhiche, VP of Engineering of OPT and TAP co-chair
added, "After the introductory meeting held in early August, we
anticipate that the TAP will reconvene every month or two to
conduct detailed briefings and solicit feedback on exciting
progress in product development and validation. I firmly believe
the TAP will develop enduring relationships with great companies
that recognize the enabling potential of our products and
technologies in solving complex and pressing needs.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy
technology that converts ocean wave energy into electricity.
OPT's proprietary PowerBuoy® technology is based on a modular
design and has undergone periodic ocean testing since 1997. OPT
specializes in cost-effective and environmentally sound ocean wave
based power generation and management technology.
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. Forward-looking statements are
identified by certain words or phrases such as "may", "will",
"aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek
to", "future", "objective", "goal", "project", "should", "will
pursue" and similar expressions or variations of such expressions.
These forward-looking statements reflect the Company's current
expectations about its future plans and performance. 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 Forms 10-Q
and 10-K and subsequent filings with the SEC 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.
CONTACT: Company Contact:
David R Heinz,
Chief Operating Officer of OPT
Phone: (609) 730-0400
Investor Contact:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
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