PENNINGTON, N.J., April 22, 2015 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company") announced today that it will be presenting a paper entitled, "Comparison of Model Power Predictions to Deployment Measurements" at the 2015 Marine Energy Technology Symposium (METS) to be held in Washington, D.C. from April 27-29, 2015. In addition, Dr. Mike M. Mekhiche, Vice President of Engineering at OPT, will also serve on a panel entitled "Global Emerging Trends/Showcase of Technologies in MHK Development" during the symposium.
The paper to be presented discusses OPT's validation of its most advanced, proprietary numerical modeling tool, STORM, against data collected during PowerBuoy ocean testing. OPT will present its novel approach to implementing multi-physics models, using commercially available tools, in order to accurately represent the complex hydro-electro-mechanical behavior of dual absorber type wave energy converters. OPT believes that such techniques allow for rapid design assessment while considerably reducing development time, technical risk and validation costs.
George H. Kirby, President and Chief Executive Officer of OPT commented, "We strongly believe that it is important for leading marine hydrokinetic technology companies such as OPT to make techniques and data available to the industry to advance the technology and to leverage multiple paths to market. OPT continues to invest in the development and validation of our design and analysis models which we believe are instrumental in the rapid development and commercialization of our next generation wave energy converters, and are a critical component of our discussions with potential partners and customers."
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT's proprietary PowerBuoy® technology is based on a modular design and has undergone periodic ocean testing since 1997. OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave based power generation and management technology.
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CONTACT: Company: Mark A. Featherstone Chief Financial Officer Ocean Power Technologies, Inc. Phone: (609) 730-0400 Investor Relations: Shawn Severson The Blueshirt Group Phone: (415) 489-2198 E-mail: email@example.com
Source:Ocean Power Technologies, Inc.