Ocean Power Technologies Inc 03 October 2005 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release $2.8 Million Boost for Ocean Power Technologies Wave Power Station Pennington, NJ, USA, 3 October 2005 - Ocean Power Technologies, Inc ("OPT" or the "Company") (London Stock Exchange: AIM-OPT), announces that it has received additional funding of US $2.8 million for its on-going contract from the US Navy to build a wave power station off the Hawaiian island of Oahu. This project is for the building of a 1 MegaWatt wave power station at the Marine Corps Base in Hawaii at Kaneohe Bay. The new contract award will support the development of OPT's enhanced 150 kilowatt PowerBuoy(TM), as well as building the project which will be capable of providing power for 500 - 1000 houses or the equivalent. Throughout this project the US Navy has maintained a direct involvement, and has monitored progress made by the Company. OPT believes that this additional funding is indicative of the Navy's continuing support. The US Navy has over 200 bases around the world. Many of these bases are suitable for OPT wave power stations, thereby reducing the Navy's dependence on fuel oil shipments and providing other sustainable advantages. Dr. George W. Taylor, Chief Executive Officer of OPT said, "We are very pleased that the Navy continues to share with OPT a strong commitment to the success of the Hawaii program. In addition to funding, the Navy provides its expertise in the areas of marine construction and systems operation in the dynamic ocean environment. We are confident that this partnership will establish the foundation for OPT to provide its wave power stations to serve the grids of Hawaii and other environmentally-conscious markets." 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, Ken Cronin, Evolution Securities Limited Gavin Anderson & Company 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. 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