RNS Number:4870S
Ocean Power Technologies Inc
26 November 2003


Ocean Power Technologies, Inc.
1590 Reed Road
Pennington, New Jersey 08534                         Pennington, NJ
USA                                                  USA

For Immediate Release                                          26 November 2003


               OCEAN POWER TECHNOLOGIES AWARDED $500,000 CONTRACT
                             BY STATE OF NEW JERSEY


Ocean Power Technologies, Inc. ("OPT") (AIM-OPT) is pleased to announce today
that it has been awarded a $500,000 contract from the New Jersey Board of Public
Utilities Office under its new Renewable Energy and Economic Development
("REED") Program. Under the contract, OPT will install and operate one of its
PowerBuoyTM electricity generating systems off the coast of New Jersey. This
contract follows from a systems delivery contract OPT has with the US Navy at a
site in Hawaii. The New Jersey system will be used for marketing purposes to
partners for the expected scale-up to a multi-megawatt OPT power station off the
coast of New Jersey.

Dr. George W. Taylor, Chief Executive Officer of OPT said, "We are very pleased
that the State of New Jersey has selected OPT for this contract. The State is in
the forefront of US efforts to foster the wide-scale deployment of renewable
energy systems. In this regard, New Jersey has mandated that four percent of all
power produced in the State must be from renewable generating sources by 2008,
and twenty percent by 2020." Dr. Taylor noted further that "OPT looks forward to
building on this contract to obtain additional support from the State for an
expanded commercial OPT wave power station to be located off the coast of New
Jersey."

The REED Program is an important part of New Jersey's initiatives to increase
the State's energy independence. "BPU's REED Program is intended to promote
renewable energy and to make New Jersey the "Green Power State" for the
development of renewable energy technologies," said Jeanne M. Fox, President of
the New Jersey Board of Public Utilities (BPU). "The Governor's renewable energy
goals are to transform New Jersey into a national leader for the promotion and
use of clean, renewable energy," said President Fox. "I am hopeful these grants
will encourage companies to develop energy efficiency and renewable technologies
such as the steps taken by Ocean Power Technologies," said President Fox.

Ocean Power Technologies, Inc. is the world's first publicly listed wave power
company. It is commercializing its proprietary technology for the generation of
electrical power using the energy of ocean waves. OPT's wave energy systems are
based on modular, buoy-like structures, called PowerBuoysTM, which are
"intelligent" systems capable of responding to differing wave conditions. The
Company's ocean-tested systems have the potential to provide low-cost, clean
electrical power on a large scale without the enhancements of tax credits or
subsidies.


OPT Contacts:

Dr. George W. Taylor, Chief Executive    Charles F. Dunleavy, Chief Financial
Officer                                  Officer
Telephone: (609) 730-0400                Telephone: (609) 730-0400
E-mail: gtaylor@oceanpowertech.com       E-mail: cdunleavy@oceanpowertech.com

Bobby Morse, Buchanan Communications    Isabel Petre, Buchanan Communications
Telephone: +44 207 466 5000             Telephone: +44 207 466 5000







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