OPT achieves Lloyd's Register certification (2268Z)
11 Enero 2011 - 1:00AM
UK Regulatory
TIDMOPT
RNS Number : 2268Z
Ocean Power Technologies Inc
11 January 2011
OCEAN POWER TECHNOLOGIES ACHIEVES WORLD'S FIRST LLOYD'S REGISTER
CERTIFICATION FOR UTILITY SCALE PB150 WAVE POWER DEVICE
Pennington, New Jersey - January 11, 2011 - Ocean Power
Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM:
OPT) ("OPT" or the "Company") is pleased to announce that it has
achieved an independent certification for its utility scale
PowerBuoy(R), 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.
Ross Wigg, Renewables Leader at Lloyd's Register, said: "Ocean
Power Technologies is the first wave energy device developer that
has approached Lloyd's Register for its assurance services. Our
extensive experience in the offshore energy sector is critical to
the fast developing offshore renewable developments and our
certification of the PowerBuoy is a significant step for Ocean
Power Technologies' product offering. It demonstrates their
commitment to providing safe and efficient products to generate
low-cost, clean energy." Wigg continued: "The process included
detailed design analysis and appraisals, including the PB150's
structure, hydrodynamics, mooring and anchoring."
Charles F. Dunleavy, Chief Executive Officer of OPT, said: "To
have met the stringent requirements of Lloyd's Register for
certification of our PB150 PowerBuoy is testament to the quality of
our engineers and delivery processes, and draws on our sixteen-year
experience in developing wave energy systems to operate and survive
in the demanding ocean environment. Lloyd's Register has an
outstanding reputation for providing its analysis and appraisals to
the marine, offshore energy and shipping industries. This is a
major milestone in the commercialization of our PowerBuoy
technology, and gives our customers, investors, and project
partners further confidence that our products are market ready and
robust."
The achievement of this certification for the PB150 PowerBuoy
follows from the Company's successful installation in December 2009
of its PB40 PowerBuoy in Oahu, Hawaii and its connection to the
grid. That project is part of OPT's on-going program with the US
Navy to develop and test the PowerBuoy technology, and has
contributed to the roll-out of OPT's next generation PB150 system
for the electrical utility markets. The first PB150 device is
currently being prepared for transit (subject to weather
conditions) to a location off the coast of Inverness, Scotland for
planned ocean testing.
In July 2007, OPT announced that its PowerBuoy interface with
the electrical utility power grid had been certified as compliant
with international standards. An independent laboratory, Intertek
Testing Services, provided testing and evaluation services to
certify that OPT systems comply with designated national and
international standards, including UL1741 and IEEE1547.
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. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance, including statements concerning the impact of
marketing strategies, new product introductions and innovation,
deliveries of product, sales, earnings and margins. 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 Form 10-K
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.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock
Exchange AIM: OPT) is a pioneer in wave-energy technology that
harnesses ocean wave resources to generate reliable and clean and
environmentally-beneficial electricity. OPT has a strong track
record in the advancement of wave energy. The Company participates
in a $150 billion annual power generation equipment market. OPT's
proprietary PowerBuoy(R) system is based on modular, ocean-going
buoys that capture and convert predictable wave energy into clean
electricity. The Company is widely recognized as a leading
developer of on-grid and autonomous wave-energy generation systems,
benefiting from over a decade of in-ocean experience. OPT is
headquartered in Pennington, New Jersey with an office in Warwick,
UK. More information can be found at
www.oceanpowertechnologies.com.
About Lloyd's Register Group
Lloyd's Register provides independent assurance to companies
operating capital intensive assets in energy and transportation to
enhance the safety of life, property and the environment, so
helping its clients ensure safe, responsible and sustainable supply
chains. Lloyd's Register has a 250-year history of independently
assessing the safety and performance of ships and offshore
structures In 1760, 11 men met in Edward Lloyd's coffee house to
talk about publishing a list of ships, a register to define their
quality and safeguard life and property carried on them. In the
years since then Lloyd's Register has applied its expertise across
the energy and transportation sectors, helping to make the world a
safer place. In 2010 we are celebrating 250 years of service and
quality and we are looking forward to the new challenges the future
brings. The Group comprises charities and non-charitable companies,
with the latter supporting the charities. More information can be
found at www.lr.org.
Contact information:
Ocean Power Technologies, Inc. Telephone: +1 609 730 0400
Charles F. Dunleavy, Chief Executive
Officer
Brian M. Posner, Chief Financial Officer
Nomura Code Securities Limited Telephone: +44 20 7776 1200
Juliet Thompson, Richard Potts
Media Contact: Telephone: +44 20 7596 2860
Corfin Public Relations Limited
Neil Thapar, Claire Norbury
******
This information is provided by RNS
The company news service from the London Stock Exchange
END
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