Ocean Power Technologies Receives Additional $1.9 Million Funding for US Navy Project

PENNINGTON, N.J. Oct. 2, 2007--Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announced today that it has received additional funding of U.S. $1.9 million for its on-going contract with the U.S. Navy to install the Company's PowerBuoy(R) systems off the Hawaiian island of Oahu. Link.