Ocean Power Technologies Announces Results for the Fiscal First Quarter Ended July 31, 2014

PENNINGTON, N.J., Sept. 12, 2014-- Ocean Power Technologies, Inc. (OPTT) ("OPT" or "the Company") today announced financial results for its Fiscal 2015 first quarter ended July 31, 2014 ("fiscal 2015").

David L. Keller, Interim Chief Executive of OPT stated, "Through the first quarter of Fiscal 2015, we concluded the termination of the Victoria Wave Partners project and made significant progress towards winding down the Reedsport, Oregon project as well. Concluding our obligations under these large scale contracts will significantly reduce our enterprise risk profile and allow us to focus our resources on our next generation designs. Our current improvements in advanced controls and our direct-drive Modular Power Take-Off (MPTO) technology are incorporated into our entire product portfolio in both autonomous and grid-connected applications.

Ocean Power Technologies Announces Funding Agreement With Australian Government for A$66.5 Million Grant

Ocean Power Technologies, Inc. (OPTT) ("OPT" or "the Company"), today announced that Victorian Wave Partners Pty Ltd ("VWP"), its project-specific operating entity wholly-owned by Ocean Power Technologies, Australasia (OPTA), has signed an agreement with the Australian Renewable Energy Agency ("ARENA"). This agreement is a Deed of Variation to the original Funding Deed through which a A$66.5 million grant was previously awarded by the Commonwealth. The grant will be used towards the cost of building and deploying a 62.5MW peak-rated wave power station off the coast of Portland, Victoria.

Ocean Power Technologies Awarded $2.6 Million Contract by Mitsui Engineering & Shipbuilding for Development and Supply of Japan Utility PowerBuoy(R) System

Ocean Power Technologies, Inc. (OPTT) ("OPT" or "the Company") today announced that the Company has received a $2.6 million contract from Mitsui Engineering & Shipbuilding Co., Ltd. ("MES") to provide the final design and supply of key components of a PowerBuoy system intended for deployment off the coast of Japan to demonstrate its utility application in local sea conditions.

This follows work performed under a previously-announced contract for preliminary development and design work completed earlier this year. In addition, the new contract is provided under the agreement which OPT and MES announced earlier this month for their cooperation on PowerBuoy development and commercialization in Japan and six other international markets.

Ocean Power Technologies and Mitsui Engineering & Shipbuilding Announce Agreement to Commercialize PowerBuoys(R)

Ocean Power Technologies, Inc. (OPTT) ("OPT" or the "Company") and Mitsui Engineering & Shipbuilding Co., Ltd. ("MES") today announced that they have signed a new agreement to cooperate in the development and commercialization of OPT's PowerBuoy^(R) technology.

Building on the successful work previously done together by the companies, this agreement sets forth the terms of technology licensing and other financial arrangements between MES and OPT regarding OPT's PowerBuoy systems.