June 2023

OPT Announces Strategic Consulting Services Division’s Collaboration with NETSCo for Bleutec's Offshore Wind Vessel Designs

MONROE TOWNSHIP, N.J., June 5, 2023 – Ocean Power Technologies, Inc. (NASDAQ: OPTT), a global leader in innovative marine solutions, is pleased to announce that its Strategic Consulting Services division, 3Dent Technology, has entered into an agreement with Northeast Technical Services Co., Inc (NETSCo) to provide engineering assistance for the design of the truss leg and leg hull interface for their Wind Turbine Installation Vessel (WTIV). These vessels are key components of Bleutec's groundbreaking Binary Marine Installation Solution (BMIS), which recently received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) in March of this year. The BMIS offers a United States Jones Act compliant method for windfarm construction, specifically tailored for the US market.

Leveraging over 50 years of combined experience in the design and analysis of self-elevating vessels, including jackups and liftboats, OPT's Strategic Consulting Services was the ideal choice to partner with NETSCo on the specific design scopes for these vessels. OPT's team has a proven track record in the basic design of various vessel classes, as well as post-construction analyses on numerous O&G jackup vessel designs and Wind Turbine Installation Vessels operating internationally. The analyses performed by OPT will help to enhance the operational capabilities of these vessels while maintaining safety and asset integrity. By working with NETSCo’s team during the initial design phase, OPT was able to demonstrate to NETSCo their innovative approach to vessel design and solutions.

“We are delighted to begin this collaboration with NETSCo and excited to be part of the design team,” stated Dr. Jose H. Vazquez, Vice President of Strategic Consulting Services. “This project allows us to utilize our unique jackup experience to continue our ongoing efforts to support critical offshore wind vessels globally, and especially here in the US.”

"We are proud to announce our affiliation with NETSCo to support Bleutec's BMIS project," said Philipp Stratmann, President, and CEO of Ocean Power Technologies. "Our Strategic Consulting Services division, 3Dent Technology, brings decades of expertise in vessel design and analysis, and we are honored to be part of this innovative solution that addresses the unique needs of the US offshore wind market. This enterprise further underscores our commitment to providing cutting-edge marine solutions and supporting the renewable energy industry."

This collaboration between OPT's Strategic Consulting Services division and NETSCo represents a significant step forward in the development of Bleutec’s BMIS, which is expected to revolutionize windfarm construction in the U.S. market. It showcases OPT's expertise in marine solutions and its commitment to supporting the renewable energy sector. As the offshore wind industry continues to grow, OPT remains at the forefront of providing innovative and sustainable solutions to meet the evolving needs of the market.

Jan Flores, VP of NETSCo added: "Drawing from their vast experience in Jackup vessels, OPT uniquely positions themselves to deliver an exceptional design solution for the truss leg and leg hull interface of our WTIV. Their well-honed insight and expertise in Jackup and Liftboats engineering instills confidence in our team's ability to achieve the ultimate optimization for the Bleutec project."

About Ocean Power Technologies

OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

Note:

All statements in this press release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on OPT's current expectations and beliefs concerning future developments and their potential effects on