Ocean Power Technologies, Inc.(NASDAQ:OPTT) announced today that the Company has signed an agreement with Eni S.p.A. (“Eni”), one of the world’s largest multinational oil and gas companies, to supply a PB3 PowerBuoy™ for a demonstration of one of Eni’s subsea oil and gas operations. The agreement provides for a minimum 24-month contract that includes an 18-month PB3 PowerBuoy™ lease and associated project management. OPT will also provide deployment support, remote data collection and monitoring. The project is expected to commence in March 2018.
MONROE TOWNSHIP, N.J., Jan. 22, 2018 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ:OPTT) announced today that the Company has signed an agreement with Premier Oil (LSE:PMO), an international oil and gas company, to study the feasibility of using the PB3 PowerBuoyTM for decommissioning operations in the North Sea. The contract outlines work that will determine the viability of using the PB3 for monitoring and guarding remaining wells and subsea equipment after removal of a floating production, storage and offloading vessel and prior to subsea decommissioning and/or well plugging & abandonment operations.
MONROE TOWNSHIP, N.J., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc.(Nasdaq:OPTT) today announced that Christopher Phebus, a highly regarded technology executive with extensive experience in subsea systems and engineering, has joined the company as Vice President of Engineering. In his new role, Phebus will assume responsibility for the continued enhancement of the company’s PowerBuoy wave-energy technology and will also lead the company’s multi-disciplinary engineering team.
PENNINGTON, N.J., June 12, 2017 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or the “Company”) announced today that its PB3 commercial PowerBuoyTM, which is deployed off Kozu-Island, Japan as part of a previously announced lease, is meeting all of its performance requirements. Closer to home, the commercial PB3 Power Take-Off (“PTO”) accelerated life testing, which is conducted at the Company’s headquarters in New Jersey, reached over 67 million strokes that simulates over 4 years of ocean operation.
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By George H. Kirby
President and Chief Executive Officer
Ocean Power Technologies, Inc.
PB3 being transported by truck to launch site
PB3 being towed to deployment site
PB3 during ballasting process for vertical positioning, which occurs at the deployment site
PB3 deployed off the coast of New Jersey