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| OPTT > SEC Filings for OPTT > Form 8-K on 7-Oct-2008 | All Recent SEC Filings |
7-Oct-2008
Entry into a Material Definitive Agreement
On October 1, 2008, Ocean Power Technologies, Inc. (Nasdaq: OPTT and London
Stock Exchange AIM: OPT) ("OPT") entered into a Financial Assistance Award
agreement with the US Department of Energy (DoE) in support of OPT's wave power
project in Reedsport, Oregon.
OPT will be eligible to receive US$2.0 million over the term of the agreement,
which will be used to help fund the fabrication, assembly and factory testing of
the first PowerBuoy(R) to be installed at the Reedsport site. This system will
be a 150 kilowatt-rated PB150 PowerBuoy. The PowerBuoy is expected to be ready
for deployment in the second half of 2009.
The foregoing description does not purport to be complete and is qualified in
its entirety by reference to the Financial Assistance Award, a copy of which
will be filed as an exhibit to OPT's next quarterly report on Form 10-Q for the
period ended October 31, 2008.
Item 8.01 Other Events.
On October 2, 2008, OPT issued a press release announcing the grant of the Financial Assistance Award. The full text of the press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release issued by the Company dated October 2, 2008.
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