Item 1.01. Entry into a Material Definitive Agreement.
On October 31, 2008, Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT") entered into a contract (the "Agreement") with the Office of Naval Research of the US Navy (the "Navy"). OPT will be eligible to receive $3.0 million under the Agreement.
The Agreement provides that OPT will design and fabricate an enhanced version of its autonomous PowerBuoy® system for use in the Navy's Deep Water Active Detection System ("DWADS") program. Under the Agreement, the Navy will ocean test OPT's autonomous PowerBuoy® system as a power source for the DWADS program, and OPT will support the Navy's ocean test procedures in the areas of mooring design, at-sea operations and deployment. OPT will also provide data analysis and program management in connection with the DWADS project. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Agreement, 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 November 5, 2008, OPT issued a press release announcing the Agreement. 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 November 5, 2008.

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