Ocean Power Technologies Successfully Deploys APB350 PowerBuoy Off the Coast of Atlantic City, New Jersey

Ocean Power Technologies, Inc.

announced today that it successfully deployed its APB350 A1 PowerBuoy approximately 14 miles northeast of Atlantic City, New Jersey. The APB350 A1 contains an improved Power Takeoff (PTO) system compared to the APB350 that was deployed in 2011 in connection with the U.S. Navy's Littoral Expeditionary Autonomous PowerBuoy ("LEAP") Program and then redeployed in 2013 in conjunction with the U.S. Department of Homeland Security. George H. Kirby, President and Chief Executive Officer of OPT, commented, "We believe that the APB350 represents a very appealing value proposition to provide persistent and renewable, offshore power in key markets including ocean observing, defense and security, oil and gas and offshore wind. The APB350 is designed to provide a robust and cost effective alternative to incumbent solutions that utilize battery, solar and diesel power. We continue to have interest from potential customers in the APB350, and we look forward to sharing our A1 performance data with them." The APB350 A1 features an advanced PTO design with a focus on reliability, manufacturability, cost and efficiency improvement. It utilizes OPT's prior generation modular energy storage system (ESS) capable of supplying uninterrupted