Ocean Power Technologies Wins New $2.4 Million Contract from US Navy for Maritime Security

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) (“OPT” or “the Company”) announces that it has achieved a significant milestone for its autonomous PowerBuoy® product with the award of a new $2.4 million contract from the US Navy to provide OPT’s PowerBuoy wave energy conversion system to the Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program.