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Ocean Power Technologies reports strong growth, reaches operational milestones

Marine hydro developer Ocean Power Technologies Inc. announces its financial results for the third quarter and nine months ended Jan. 31, 2011 of its fiscal year ending on April 30, 2011.

Highlights include:

Revenue increased by 78 percent and 73 percent for the three and nine months ended January 31, 2011, compared to the respective periods last year.
Expanded relationship with Mitsui Engineering & Shipbuilding Co. Ltd. in Japan with the signing of a new contract to tailor OPT's PowerBuoy technology for Japanese sea conditions.
Achieved Lloyd's Register certification for the PB150 PowerBuoy design, providing independent, third-party assurance of its compliance with international standards.
Significantly, post-period end, OPT completed the construction of the first of a new generation utility scale PowerBuoy device, the PB150. It is currently being prepared for ocean trials at a site off Scotland's northeast coast.

Charles F. Dunleavy, chief executive officer of OPT, said: "We continue to make significant progress in developing our core PowerBuoy technology and executing our business strategy. We achieved strong revenue growth, expanded our involvement in Japan with a new contract with Mitsui and gained certification of our PB150 design from Lloyd's Register. The high tempo of activity is continuing in the fourth quarter with the completion of the first of our new generation of utility scale buoy, with sea trials due to commence off the coast of Scotland shortly."

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