Ocean Power Technologies reports third-quarter results

Ocean Power Technologies (OPT) has announced its results for the third quarter ended 31 January 2011, in which strong growth and achievement of several operational milestones, most notably in Scotland, was reported.

Within the quarter, the company achieved Lloyd’s Register certification for the PB150 PowerBuoy design, providing independent, third-party assurance of its compliance with international standards.

Post-period end, OPT completed the construction of the first of the PB150, a new-generation, utility-scale PowerBuoy device that is currently being prepared for ocean trials at a site off Scotland’s northeast coast.

Revenue increased by 78 per cent and 73 per cent for the three and nine months ended 31 January 2011, compared to the respective periods last year.