Major Milestones

A new technology initiative was launched in October 2011, under OPT’s EUR 2.2 million ($3 million) award from the European Union’s Seventh Framework Program called Waveport. This is a EUR 4.5 million ($6.2 million) project including the participation of OPT, Wave Energy Centre (Portugal), Fugro Oceanor (Norway), DeGima (Spain), the University of Exeter (UK), and ISRI (UK). A PB40 PowerBuoy®, showcasing OPT’s next generation power take-off and the wave prediction model, will be built under the Waveport project.

Collaboration with Lockheed Martin was extended to include OPT’s Reedsport Project. Lockheed Martin’s expertise in design for manufacturing, system integration, and supply chain management will be applied to the utility grade PB150 PowerBuoy and Reedsport Project.

Littoral Expeditionary Autonomous PowerBuoy (LEAP) successfully withstood Hurricane Irene and the storm’s 15 meter (nearly 50 feet) storm waves. LEAP operated without intervention, continued to power its radar payload during the storm, and maintained communications with its shore station. This system was delivered under a contract from the US Navy for maritime security. LEAP’s innovative power take-off and energy storage systems were designed to power sea-based radar and communications and not require maintenance for three years. 

First Utility Scale PB150 sea trials off Scotland exceed expectations. Average electrical power of 45 kilowatts was delivered in wave heights as low as 2 meters, with power peaks in excess of 400 kilowatts. The six months of sea trials were conducted 33 nautical miles from Invergordon, off Scotland’s North East coast. 

Four contracts were awarded for the Reedsport Project, bringing OPT’s Oregon investment to over $6 million.  Contracts were awarded to: American Bridge Manufacturing, Vigor Industrial LLC, Oregon Iron Works, and Sause Brothers.

OPT achieved an independent certification for its utility scale PowerBuoy, the PB150, by the internationally respected Lloyd’s Register. The certificate from Lloyd’s Register confirms that the PB150 design complies with the requirements of Lloyd’s 1999 Rules and Regulations for the Classification of Floating Offshore Installations at a Fixed Location. This provides independent, third-party assurance on the design of the PB150 PowerBuoy for its intended use, as analyzed against international standards, as well as its survivability in significant wave forces.

OPT announces expansion of its relationship with Mitsui Engineering & Shipbuilding (MES). The two companies have signed a new contract to develop OPT’s PowerBuoy® technology for its application in Japanese sea conditions. Under the contract, OPT and MES will work together to develop a new mooring system for the PowerBuoy, customized for wave power stations off the coast of Japan.

OPT is awarded $2.75 million in additional funding for a second stage under its contract to provide an autonomous PowerBuoy for the US Navy’s near-coast anti-terrorism and maritime surveillance program. Under this second stage of the program, OPT will build and ocean-test an autonomous PowerBuoy off the coast of New Jersey.

The New Jersey program is aimed at enhancing the US Navy’s homeland security and force-protection capability through the provision of continuous non-grid connected power at sea. The objective entails combining a number of technologies, including at-sea sensors, communications, real-time signal processing and OPT’s Power Buoy with the ultimate aim of developing a vessel detection system. The benefits for the United States are expected to include protection for critical infrastructure, drug traffic interdiction, and detection of surface and subsurface maritime threats.

OPT completes the first-ever grid connection of a wave energy device in the United States at the Marine Corps Base Hawaii (MCBH), in conjunction with the US Navy. This connection demonstrates the ability of OPT's PowerBuoy® systems to produce utility-grade renewable energy that can be transmitted to the grid in a manner fully compliant with national and international standards. The PB40 PowerBuoy is part of OPT's ongoing program with the US Navy to develop and test the Company's PowerBuoy wave energy technology. Key program goals include demonstrating system reliability and survivability, and the successful interconnection with the grid serving MCBH. The PowerBuoy grid interface was certified in 2007 by an independent laboratory and is compliant with national and international standards, including the safety standards UL1741 and IEEE1547, and also bears the ETL Listed mark.

OPT wins two new funding awards totaling $4.8 million from the US Department of Energy (DOE) under a competitive process. OPT plans to use the first award of $2.4 million in connection with the construction and deployment of one of its PB150 PowerBuoys at Reedsport, Oregon, as part of the first proposed commercial wave power project in the US. This is the second award to OPT by the DOE in connection with the Reedsport project. The second new funding award is also for $2.4 million, and it is intended to be used for the design and development of OPT's next generation 500 kilowatt PowerBuoy wave power system, the PB500. The technology development will focus on increasing the PB500's power extraction efficiency, implementing a "Design-for-Manufacture" approach and reducing maintenance costs, all of which aim to achieve lower installed capital and energy costs and make wave power more competitive with fossil fuels. This is the second award from the DOE for the PB500, taking the total DOE funding to $3.9 million. Charles F. Dunleavy, Chief Executive Officer of the Company, said, "These awards are another significant step in a global drive to make wave power a commercial reality. The funds will help OPT to accelerate the commercialization of our PB150 wave power stations in the US and facilitate the development of our 500 kilowatt-rated PowerBuoy technology.”

OPT signs a groundbreaking Settlement Agreement (SA) with 11 federal and state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport, Oregon. This agreement represents a major step towards the granting of the first license ever issued by the Federal Energy Regulatory Commission (FERC) for a commercial-scale wave power project in the US. Oregon Governor Ted Kulongoski said, "The Settlement Agreement is a groundbreaking document that demonstrates the State's commitment to partnering with the private sector and coastal communities to explore how we can tap into the renewable resource of ocean waves to power our communities. The manufacture of the first buoy has already created dozens of green energy jobs in Oregon, and when the 10-buoy wave power project is built, a whole new industry will be created to benefit our coastal communities. This is an exciting time for our State, and I look forward to continuing to foster this new industry in Oregon in a way that is sensitive to marine habitat and continues to value this important resource for Oregon's fishermen."

Ocean Power Technologies, Ltd, a subsidiary of OPT based in Warwick, England, has been awarded a £1.5 million (approximately $2.3 million) grant from the South West of England Regional Development Agency (SWRDA) for the development of its next generation 500-kilowatts PowerBuoy wave power system. With the new award, OPT will lead a project to accelerate the development of the technology for a larger version of its utility-scale PowerBuoy for expected deployment at the Wave Hub. Among the objectives of the project are prototype design enhancements for the PB500, with an expected output to power approximately 300 homes. This is the second award to OPT in connection with its PB500.

OPT appoints Brian M. Posner as Chief Financial Officer (CFO). His financial career spans more than 25 years in public and private companies, with a notable track record working with capital markets, regulatory and accounting matters, and strategic alliances. Previously he held the position of CFO of Power Medical Interventions, Inc., a NASDAQ-listed manufacturer of medical devices with operations in the US, France, Germany, and Japan. From 1999 to 2008, Mr. Posner held various financial positions at Pharmacopeia, Inc., a publicly-traded clinical development biopharmaceutical company, most recently as Executive Vice President and CFO. Mr. Posner’s efforts included the raising of $70 million in new capital, reduction in the company's annual cash burn, successful oversight of regulatory matters and financial controls, and stakeholder evaluation of the company's clinical development. Mr. Posner is a Certified Public Accountant and holds an MBA degree from Pace University and a bachelor's degree in Accounting from Queens College in New York City.

Rockhouse Mountain Energy, LLC (RME), a US company dedicated to the support, promotion and development of alternative energy sources, announces their intent to construct up to 500 megawatts of wave power generation off the Western coast of Ireland by 2020. The wave power systems to be installed will be manufactured by OPT. Mr. Robert Jawitz, Manager of RME, noted, "The excellent wave climate, the proactive support of the US Embassy, and the visionary policies and plans of the Irish Government, combined with OPT's planned timetable for the commercial rollout of its PB500 PowerBuoy® (500 kilowatts), will allow for an OPT wave farm with a total capacity of 500 megawatts to be installed off the Irish coast by 2020 to meet the wave component of Ireland's Energy Plan."

OPT announces that it has won a $1.5 million award from the US Department of Energy (DOE) for the development of OPT's next generation PowerBuoy wave power system. The DOE grant will be used to help fund the scale-up of the power output from the current level of 150 kilowatts per PowerBuoy to 500 kilowatts per PowerBuoy. In addition, the technology development effort will focus on increasing the power extraction efficiency and a "Design-for-Manufacture" approach, which aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels. This is the second award to OPT by the DOE. In 2008 OPT received $2.0 million to provide funding for the construction of a PB150 PowerBuoy to be deployed in connection with the Company's project at Reedsport, Oregon.

OPT announces the award of EUR 2.2 million under the European Commission's Seventh Framework Programme (FP7) by the EC Directorate responsible for new and renewable sources of energy, energy efficiency, and innovation. The grant to OPT is part of a total award of EUR 4.5 million to a consortium of companies, including OPT, to deliver a PowerBuoy® wave energy device under a project entitled WavePort, with an innovative wave prediction capability and a "wave-by-wave" tuning system. It is anticipated that the PowerBuoy will be deployed at the Santoña site in Spain, where OPT has worked on a wave energy project under contract from Iberdrola. OPT will be responsible for the design, supply, and deployment of the PowerBuoy and Underwater Substation Pod. Consortium members include the Wave Energy Centre (Portugal), Fugro Oceanor (Norway), DeGima (Spain), the University of Exeter (UK), and ISRI (UK).

OPT announces the successful deployment of one of its PowerBuoys at the Marine Corps Base in Hawaii. The Company has also been awarded $380,000 in additional funding for the PowerBuoy's commissioning and in-ocean operation. Building, deployment and operation of this PowerBuoy is part of a program with the US Navy to develop and test OPT's wave power technology. Many of its naval bases around the world are suitable for OPT's wave power stations. The newly awarded funding will enable continued testing and monitoring of the PowerBuoy's operation, providing data for the ongoing engineering of the next generation of OPT's PowerBuoys.

OPT announces Charles Dunleavy is elected as the Company's Chief Executive Officer.  Mr. Dunleavy, 60, joined OPT in 1994 and has served as the Company's Senior Vice President and Chief Financial Officer since 2001, and as the Company's Treasurer and Secretary and a member of the Board of Directors since 1990. From 1993 to 2001, he served as Vice President, Finance. While at OPT, Mr. Dunleavy has been key to the Company's progress in expanding operations in Europe, North America, Australia and Japan, and the Company's raising of over $140 million in equity capital in the US and Europe.

OPT announces the signing of a Memorandum of Understanding (MOU) with the State of Oregon. The purpose of the MOU is to set forth an approach for developing wave power projects within the coastal waters of Oregon. The MOU outlines important principles for the potential development of future wave power facilities in Oregon. These principles will be applied first to the development of OPT's Coos Bay Project in Oregon, a proposed 100 megawatts project. The State will work as a partner with OPT to encourage the development of renewable energy by identifying the best locations for future wave power facilities. Oregon Governor Ted Kulongoski stated, "I believe that the Agreement between Oregon and OPT provides a foundation for moving forward in a manner that is respectful of existing ocean uses and values, while helping Oregon transition to an independent renewable energy future. In particular, I welcome OPT as the first commercial developer of wave power stations in Oregon. OPT is investing substantial resources in Oregon and providing expertise to help Oregon achieve its desired goal of becoming a world leader in responsible commercial development of wave energy. The major portion of its wave power stations will be manufactured in Oregon, creating important "green" jobs in this exciting new industry." OPT is building its first US commercial scale wave power station off the coast of Reedsport, Oregon. The expected 1.5 megawatts project will be developed in two phases. Governor Kulongoski demonstrated his commitment to building community and stakeholder understanding and support for the Reedsport wave energy facility by designating it as an "Oregon Solutions" project.

OPT announces that it has selected Oregon Iron Works (OIW) to begin construction of its first commercial wave energy PowerBuoy® system in North America, to be installed off the Oregon coast near Reedsport. OIW is an Oregon company with an emerging reputation as an international leader in “green tech” manufacturing. The partnership is the direct result of Oregon Governor Ted Kulongoski’s leadership in bringing green jobs and renewable energy to the Oregon economy and his commitment to the responsible development of wave energy as a commercially viable renewable energy source. Construction of this first PowerBuoy system represents Phase One of an expected ten PowerBuoy Reedsport wave power station, the first commercial-scale facility of its type in North America, which will generate approximately 1.5 megawatts of power. The nine additional PowerBuoys will be constructed and installed under Phase Two of the project. “The partnership that we are developing with OPT and other Oregon companies fits perfectly with our goal of providing jobs for Oregon’s green economy,” said Governor Kulongoski. “It’s exciting to see that Oregon has the chance to play a leading role in the development of this global industry and help achieve our national goals of energy security and reduction of our dependence on fossil fuels.”

OPT announces that, in partnership with Leighton Contractors Pty Ltd (Leighton), it has received a A$66.46 million grant from the Federal Government of Australia to build a 19 megawatts wave power project off the coast of Victoria, Australia. The award is one of four renewable energy projects approved by the Federal Government after considering over 30 applications, and is the sole wave energy venture. The Government funding will be used to advance the construction of a wave power station to be built in three phases off the coast of Victoria near the city of Portland, with a total expected capacity of 19 megawatts. The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling A$235 million, aimed at meeting the Government’s target of generating 20% of the country’s energy needs from renewable sources by 2020. The grant is conditioned on the signing of a Funding Deed and obtaining additional funding for the project.

OPT announces the successful completion of trials of its Underwater Substation Pod (USP) product in Spain. The USP, based on the Company's proprietary design, has been developed to facilitate the collection, networking and transforming of power and data generated by up to ten of its PowerBuoys for transmission to a shore-based electricity grid by one subsea power cable. It has been built as an open platform and can, therefore, provide "plug and play" connectivity for any offshore energy device linked to it. The completion of this significant milestone by OPT is part of an Engineering, Procurement and Construction contract with Iberdrola Marinas de Cantabria, with Iberdrola S.A., Sodercan, IDAE, and Total as shareholders.  OPT believes the USP is a unique product in the offshore market and creates a potentially new revenue stream for the Company from sales to third parties engaged in marine power development and other offshore activities.

OPT and Lockheed Martin sign a commercial engineering services agreement to develop OPT’s wave energy systems for use in future utility-scale power generation projects. Under the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's innovative PowerBuoy wave power generation technology to utility scale. This critical step will allow the two companies to pursue future utility-scale power generation projects in North America. A future 10 megawatts utility power station comprised of floating PowerBuoy systems would occupy approximately 30 acres (0.125 square kilometers) of ocean space and power approximately 4,000 homes.

OPT announces it has signed an exclusive agreement with a consortium of three leading Japanese companies to develop a demonstration wave power station in Japan. The Japanese consortium comprises Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co., and Japan Wind Development Co. Further, OPT has been invited to become a member of the Tokyo Wave Power Initiative, a committee including the city of Tokyo, regional governments and national agencies involved in the promotion of new energy sources. 

OPT announces it has achieved a significant milestone for its autonomous PowerBuoy product with the award of a new $2.4 million contract from the US Navy to provide OPT’s PowerBuoy wave energy conversion system to the Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program. This one-year contract is the initial award under a proposed four-year $15.0 million project concerning the LEAP system that has been established to enhance the US Navy’s anti-terrorism and force-protection capability by providing persistent power at sea for port maritime surveillance in the near coast, harbors, piers and offshore areas. The system capability includes detection, tracking and communication of information on a timely basis. Certain aspects of the system will be provided by subcontractors to OPT, including Rutgers University and Mikros Systems Corporation. Under the initial contract, OPT will provide its PowerBuoy wave energy conversion technology for testing with sensor-based and communications systems, with the ultimate aim under the four-year program of developing a LEAP-based vessel detection system test bed. This is OPT’s first contract with the US Navy under the LEAP program.

Ocean Power Technologies Limited signs a Commitment Agreement with the South West Regional Development Agency to advance the development of Wave Hub, one of the world’s largest proposed renewable marine energy projects. This Agreement supports the Company’s expected efforts to build a demonstration wave power station at the site, about 17 kilometres off the coast of St Ives, Cornwall, England. The Company’s expected participation in the Wave Hub project includes plans to build, install and operate a wave power station comprised of its patented PowerBuoy systems generating up to 5 megawatts of electricity – equivalent to the energy needs of approximately 1,750 homes annually. The UK Government has earmarked £42 million for Wave Hub as part of a £100 million investment towards creating the UK’s first low carbon economic area in the South West England region.

Ocean Power Technologies announces that it has reached two major manufacturing milestones in the development of the Company’s flagship PB150 PowerBuoy. These two completed critical stages for the first PB150 comprise the completion of the mechanical elements of the power take-off system and the awarding of the steel fabrication contract for the PowerBuoy structure. When completed, the PB150 PowerBuoy will be deployed at the European Marine Energy Centre in Orkney Islands, Scotland.

Dr. George Taylor receives the 2009 Renewable Energy Navigator Award from the Foundation for Ocean Renewables. This major award was received by Dr. Taylor for over 25 years of dedicated service to renewable energy.

Ocean Power Technologies receives an additional $1.1 million in funding from the US Navy for the Hawaii Wave Power Project to support the continuing upgrades and testing of the advanced PowerBuoy aimed at improved ocean durability. The Hawaii project is for the installation, testing and utility grid connection of successive PowerBuoys off the Marine Corps Base Hawaii at Kaneohe Bay.

Dr. George W. Taylor, founder of the Company, is appointed Executive Chairman of the Company.

Dr. Phil Hart is appointed Chief Technology Officer. Dr. Hart is responsible for advanced technology development for OPT. This will include leading the development of the next generation of PowerBuoy systems and directing ongoing engineering and research programs. Prior to joining OPT, Dr. Hart worked for Global Marine Systems, an international marine technology and engineering company.

Ocean Power Technologies and Lockheed Martin announce collaboration for the Utility Wave Power Project in North America. The agreement builds on their previous work together on systems for US homeland security and maritime surveillance.

Ocean Power Technologies and Leighton Contractors sign an agreement to develop Wave Power Stations in Australia. This agreement expands the Company's activities in Australia, which is a key area of the world for the Company.

Ocean Power Technologies launches a new PowerBuoy® in Hawaii. The November deployment marks the third PowerBuoy deployment over a two-month period at sites in both the Atlantic and Pacific Oceans.

Ocean Power Technologies wins a new $3 million contract from the US Navy for the second phase of the US Navy's Deep Water Acoustic Distribution Systems (DWADS) program. For this program OPT will tailor the design of its Autonomous PowerBuoy to meet the DWADS program requirements. DWADS has prospective applications using multiple PowerBuoys for homeland security, including powering sensor networks over wide areas of the ocean. 

Ocean Power Technologies ocean tests DWADS PowerBuoy off the coast of Atlantic City, New Jersey in 3,300 feet of water depth. The Navy ocean tests OPT's autonomous PowerBuoy as a power source for the DWADS program. 

Ocean Power Technologies wins a new $2 million Award from the US Department of Energy in support of OPT's wave power project in Reedsport, Oregon. Major portions of the PB150 PowerBuoy will be fabricated and integrated in Oregon. This is the first award for the building of ocean wave energy systems by the DOE. 

OPT deploys the PB40ES PowerBuoy for the first commercial wave power project with Iberdrola S.A. at a site approximately three miles off the Cantabrian coast at Santoña, Spain.

OPT secures a 2-megawatt berth at European Marine Energy Centre (EMEC) at Orkney Islands, Scotland. The Agreement provides for the deployment and operation of OPT's PB150 PowerBuoys.  OPT will be able to sell power into the United Kingdom’s electricity grid at EMEC. 

Ocean Power Technologies and Griffin Energy announce a Joint Development Agreement for the development, construction and operation of a wave power station off the coast of Western Australia. 

OPT’s Santoña project is recognized by Spanish Ministers during a Ministerial visit to the PowerBuoy manufacturing facility in Santander, Spain. The purpose of the visit was to highlight the final assembly and testing of the PowerBuoy prior to installation. The PowerBuoy will be deployed at Santoña approximately 47 kilometers (28 miles) East of Santander.

Ocean Power Technologies and Converteam sign an exclusive Cooperation Agreement for the development of High Temperature Superconductor (HTS) Linear Generators for use in OPT's PowerBuoy® wave energy converters. This system is expected to have the advantage of improved efficiency, reliability and maintainability over traditional power take-off or linear permanent magnet-based systems. 

Ocean Power Technologies receives an additional $1.9 million in funding for its US Navy Program at Kaneohoe Bay on the island of Oahu, Hawaii. 

OPT and PNGC Power sign a $500,000 agreement towards the fabrication and ocean installation of the first PB150 PowerBuoy at Reedsport, Oregon. This effort is the first phase of OPT’s 1.5 megawatts Reedsport project.

OPT's PowerBuoy Grid Connection receives ETL certification for national and international grid connection standards. OPT’s system is certified as compliant with the standards after a rigorous testing program conducted by Intertek Testing Services¹. 

OPT wins a new $1.75 million contract with US Navy for the Deep Water Acoustic Distribution System (DWADS) program. This program is designed to utilize sophisticated data gathering and communications systems. For this program, OPT will demonstrate power generating capabilities by deploying its PowerBuoy in 3,300 feet of water 75 miles off the coast of New Jersey. 

In April, OPT completes its Initial Public Offering in the US and listing on NASDAQ, raising net proceeds of US $90.0 million.

OPT files applications for permits from the US Federal Energy Regulatory Commission for two 100 megawatts power generation projects located at Coos Bay, Oregon and Newport, Oregon.

OPT is awarded world’s first wave power Operation and Maintenance contract for the first phase of the 1.39 megawatts OPT wave power station to be constructed off the north coast of Spain.

OPT is awarded a grant of $1.2 million (£641,000) through the Scottish Minister’s Wave and Tidal Energy Support Scheme, managed by the Scottish Executive. The grant is for the construction, installation and in-ocean demonstration of OPT’s latest 150 kilowatts PowerBuoy design, the PB150.

OPT signs agreement with Pacific Northwest Generating Cooperative to work cooperatively on OPT’s development of the Reedsport, Oregon wave power station.

OPT is awarded a $1.7 million contract from the US Navy to provide PowerBuoy technology to the Deep Water Acoustic Detection System, a unique Navy program for ocean data gathering.

1 The ETL Listed Mark is an alternative to the CSA and UL marks. ETL Testing Laboratories has been conducting electrical performance and reliability tests since 1896 and was acquired by Intertek Testing Services in 1996.

OPT is awarded initial contract from the US Department of Homeland Security.

OPT is selected to occupy a position at the South West Wave Hub project off the north coast of Cornwall, England, for installation of a 5 megawatts OPT wave power station.

OPT files an application for a permit from US Federal Energy Regulatory Commission (FERC) for 50 megawatts wave power station located at Reedsport, Oregon.

OPT signs agreement with Iberdrola SA of Spain for the turnkey construction and installation of the subsea power transmission cable, underwater substation, grid connection, and the first PowerBuoy® unit in connection with a 1.25 megawatts OPT wave power station on the north coast of Spain.

OPT signs a marketing cooperation agreement with Lockheed Martin.

OPT installs a 40 kilowatt-rated PowerBuoy® (PB-40) off Tuckerton, New Jersey as part of the New Jersey Board of Public Utilities Renewable Energy and Economic Development (REED) program. System withstands wave and wind forces of Hurricane Wilma.

OPT signs agreement with Total S.A. of France to develop a wave power station on the West coast of France. Total is one of the largest oil and gas companies in the world, with operations in more than 130 countries.

OPT forms joint venture with Iberdrola S.A. of Spain to build a wave farm on the North coast of Spain. Iberdrola is Europe’s largest utility in renewable energy, with over $13 billion in annual revenues.

OPT completes installation of the first buoy under a contract from the US Navy for a wave farm off the Marine Corps Base Hawaii at Kaneohe Bay on the island of Oahu, including successful completion of a rigorous environmental impact assessment.

Ocean Power Technologies Limited, a UK-based wholly-owned subsidiary, is formed to focus on managing and developing OPT wave energy projects in Europe.

Ocean testing of a 1 kilowatt Autonomous PowerBuoy® (APB) for Lockheed Martin Corporation is completed as part of an underwater sensor system.

Ocean testing of numerous PowerBuoy® systems off Atlantic City, New Jersey as part of programs funded by OPT and the United States Navy.