OPT Announces PB3 PowerBuoy® Sale And Pioneering Turn-Key Ocean Sea Lab Development

Two Contracts with Enel Green Power Play Central Role in Chilean Marine Energy Research

We are happy to announce the signing of two new contracts with Enel Green Power Chile (EGP), a subsidiary of Enel Chile, part of the Enel Group, a multinational energy company and a leading global integrated electricity and gas operator. The combined value of the contracts exceeds US$1.9 million and includes the sale of a PB3 PowerBuoy® and the development and supply of a state-of-the-art, turn-key integrated Open Sea Lab that will be OPT’s first deployment off the coast of Chile.

The first contract with Enel Green Power Chile Limitada S.A., a subsidiary of Enel Chile, provides for the supply of a PB3 PowerBuoy along with associated mooring system, and will provide turn-key system deployment off the coast of Las Cruces, Chile as an autonomous offshore platform powering a suite of oceanographic sensors and transmitting real-time data back to land. The scope of the agreement is in support of the Marine Energy Research and Innovation Center (MERIC) Project, an initiative that aims to diversify Chile’s energetic matrix and to convert Chile into a world reference in the development of marine renewable energies. The second contract with Enel Green Power Chile Limitada S.A., a subsidiary of Enel Chile, calls for OPT to develop and supply a state-of-the-art, turn-key integrated Open Sea Lab (OSL). The OSL encompasses a sensor suite to be powered by the PB3 PowerBuoy, as well as an integrated shore-based wave radar system. The sensor suite will comprise an Acoustic Doppler Current Profiler (ADCP), a device which is used to measure water current velocities over a depth range, water sensors, and mooring load sensors.

The design and buildout of the OSL will be spearheaded by OPT’s Innovation and Support Services vertical. Deployment of the OSL is expected within the first half of 2020.

“Enel Green Power is working to explore and develop the marine energy technology segment in Chile, and the purchase of the PB3 PowerBuoy is a significant milestone towards this aim. With this new device, and our continued involvement with MERIC, we remain committed to expanding our knowhow and advancing this frontier in renewable generation,” said Valter Moro, General Manager of Enel Green Power Chile.

“These agreements highlight OPT’s ability to deliver turn-key solutions for our customers, including design and integration of custom payloads and providing offshore deployment services,” said George Kirby, OPT President and Chief Executive Officer. “Today’s announcement of our first PB3 PowerBuoy sale is a strong validation of the research and development it has taken to bring this cutting-edge technology to market.”

The PB3 PowerBuoy® integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. The result is a leading edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications. The PB3 PowerBuoy can be customized to fit customer needs, including monitoring, surveillance, subsea charging and connectivity for the offshore oil and gas industry, science and research, and telecommunications markets.

“EGP is a world leader in delivering renewable energy and the opportunity to deepen our working relationship with a pair of contracts for such a high-profile and important endeavor validates the tremendous work from our expert team at OPT,” added Mr. Kirby. “As our first deployment in Chile and South America, this project creates another opportunity to display our leadership in remote autonomous marine energy.”

OPT’s contracts with EGP follow closely on the heels of the company’s successful PB3 PowerBuoy deployment in the Central North Sea for Premier Oil in August of this year.