Ocean Power Technologies (OPTT), the small company engaged in the development and commercialization of systems that generate electricity by harnessing the power of the ocean waves has reported better than expected results with a loss of .38/share compared to estimates for .40/share on revenues that were double the expectations at 1.77 million.  Revenues surged due to an increase in the company’s work on the US Navy utility PowerBuoy Hawaii project.

“We have made a good start to the 2009 fiscal year with strong revenue growth. We also maintained a solid balance sheet with a high amount of liquidity, which is an increasingly important competitive advantage for the Company as we move to full commercialization. We have continued to develop contracts and technology with our top-tier partners such as the US Navy, PNGC Power in Oregon, Iberdrola in Spain and the Scottish government. The signing of the 2 MW berth agreement for our project in Scotland and joint development agreement with Griffin Energy in the Western Australia region, also underscores our on-going efforts to expand the opportunities for future global roll-out of our PowerBuoy technology,” said CEO George Taylor.