Ocean Power Technologies Inc 22 July 2005 Ocean Power Technologies, Inc GRANT OF OPTIONS Pennington, NJ, USA, 22 July 2005 - Ocean Power Technologies, Inc ("OPT" or the "Company") (London Stock Exchange: AIM-OPT), announces that on 17 June 2005, options to purchase 270,000 shares of common stock under the Company's 2001 Stock Plan were granted to certain Directors of the Company. The options were granted to the Directors as follows: G Taylor (CEO) 135,000 exercisable through 17 June 2010 at US $1.31 per share Following this award, Dr. Taylor holds options for 4,035,000 shares. C Dunleavy (CFO) 135,000 exercisable through 17 June 2015 at US $1.19 per share Following this award, Mr. Dunleavy holds options for 2,067,500 shares. For further information, please contact: Dr. George W. Taylor, Charles F. Dunleavy, Chief Executive Officer Chief Financial Officer Telephone: (609) 730-0400 Telephone: (609) 730-0400 E-mail: gtaylor@oceanpowertech.com E-mail: cdunleavy@oceanpowertech.com Michael Brennan, Evolution Securities Robert Speed, Gavin Anderson Co. Telephone: +44 207 071 4300 Telephone: +44 207 554 1400 Background Information Ocean Power Technologies, Inc. OPT is the world's first publicly listed wave power company. It is commercialising 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 cost competitive, clean electrical power on a large scale without the enhancements of tax credits or subsidies. For further information, see the Company's website: www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock Exchange