Ocean Power Technologies Secures A Contract From A New International Government Customer For A Fully Integrated WAM-V For Near Term Delivery

Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has secured a contract from a new international government customer for a fully integrated WAM-V for near term delivery. This contract further increases the value delivered from the Company's previously announced expansion into certain regions, working with end customers and resellers. The vehicle will be assembled immediately and shipped to the customer. Training and services will be provided in-country.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this contract, stating, "Securing this contract is testament to demand for our systems in the market. Recent efforts in Latin America and the Middle East are continuing to drive interest in our systems. We continue to convert pipeline to backlog and deliver further growth. We look forward to future deliveries and additional opportunities to deploy our assets to our customer base here in the United States and to our partners in Latin America, the Middle East, and other allied nations."