Ocean Power Technologies Expands Relationship with Mitsui Engineering & Shipbuilding

Ocean Power Technologies, Inc. ("OPT" or the "Company") is pleased to announce that it has expanded its relationship with Mitsui Engineering & Shipbuilding Co. Ltd. ("MES") with the signing of a new contract to develop OPT's PowerBuoy technology for its application in Japanese sea conditions.
Under this new contract, the two companies will work together to develop a new mooring system for OPT's PowerBuoy(R), customized for wave power stations off the coast of Japan. The new system will undergo testing at MES's wave tank facilities to verify the results of extensive computer modeling. OPT expects to receive 18 million yen (approximately $220,000) for its development efforts. Work under this agreement is expected to be performed over the next six months.
In October 2009, it was announced that OPT and a consortium (the "Consortium") of MES, Idemitsu Kosan Co., and Japan Wind Development Co. had signed a Memorandum of Understanding (the "MOU") for the development of wave energy in Japan. OPT and members of the Consortium have since worked with the Japanese government to increase recognition of wave power in Japanese energy policy. Further building on the MOU, OPT and MES intend to complete work on the mooring system and progress the identification of a project site for an in-ocean trial of the PowerBuoy system.
Charles F. Dunleavy, Chief Executive Officer of the Company, said: "We are very pleased to continue to build on our relationship with MES. This new agreement is consistent with OPT's global strategy to form alliances with strategic partners in key markets. We believe working with MES will facilitate the realization of the great potential of wave power as a concentrated and predictable source of renewable energy for Japan.
Source: Press Release