Ocean Power Technologies, Inc. (NASDAQ: OPTT) (OPT)has announced they have received a $2.4 million contract from the US Navy to provide OPT's PowerBuoy wave energy conversion system. The PowerBuoy will be supplied to the Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) program.
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The one year contract is the initial award under a proposal for a four year $15 million project concerning the LEAP system. The LEAP has been established to enhance the US Navy's anti-terrorism and force protection capability by providing power at sea for maritime surveillance. The system offers the ability to include detection, tracking and communication of information on a timely basis.
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, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, 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’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.
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