OPT to Deploy Next Generation PowerBuoy in Summer

March 12, 2015

Ocean Power Technologies, Inc. (OPT) will deploy its ABP-350 type of PowerBuoy in the summer of this year, the company’s President and Chief Executive, George H. Kirby, confirmed in the announcement of OPT’s third quarter results.

OPT’s PB40 wave energy system that is currently in New Jersey will be tested and ready to be deployed this month, subject to final permits and weather conditions. Since the PB40 has several components and subsystems in common with APB-350 PowerBuoy, its deployment will help in further optimization of the APB-350 wave energy system.

Kirby said: “In addition, we have made significant progress on the development of our optimized APB-350 PowerBuoy, consistent with our strategic shift to capitalize on the growing market for off-grid power production at smaller scales. We are excited about our next generation prototype APB-350 (A1) which we expect to deploy in the summer of 2015.

“A1 will utilize the existing structure deployed in 2013 and will include a newly designed PTO and upgraded components.”

The company’s second APB-350 (A2) PowerBuoy is expected to be deployed in late 2015, after a preliminary design review.

Kirby concluded: “We also continued to increase our technical capabilities this quarter with the addition of engineering resources as we accelerate our technology development. Our market engagements are confirming the significant interest in off-grid autonomous power applications. We remain focused on this year’s successful deployments of the PB40 and the next generations of the APB-350 in order to validate durability and reliability while seeking new customers and partners as part of our commercialization efforts.”

For the nine months ended January 31, 2015, OPT reported revenue of $3.6 million, as compared to revenue of $1.1 million for the nine months ended January 31, 2014.

The net loss for the nine months ended January 31, 2015 was $9.9 million, as compared to a net loss of $7.9 million for the nine months ended January 31, 2014.

Image: OPT