Ocean Power Technologies reported increased losses of $18.3 million for the year ending 30th April, up on last year's net loss of $14.7m. In announcing its end of year figures yesterday (14th July) the company attributed the increase in losses to a reduction in interest income and exchange rate loses which together totalled $4 million. Despite the losses the company was able to report that it finished the year with "very strong liquidity", holding a total of $81.7 million in cash, cash equivalents and investments.

Commenting on the year Mark R. Draper, Chief Executive Officer of OPT, said: “We have made significant progress and achieved major milestones with key projects in fiscal year 2009. These include the launch of several PowerBuoys under multiple contracts. In addition, we have made key advances on our PB150 system, which is on track to be ready for deployment by the end of 2009. We have expanded our relationships with existing partners, such as the US Navy and Lockheed Martin, and have established new relationships in key global markets that further our growth strategy. These achievements, combined with the important strengthening of our management team, clearly positions OPT as an industry leader. We remain on track to achieve our objective of utilizing wave power as an economically-viable source of renewable energy and look forward to the future with confidence.”

Highlights for the year include key appointments of Dr. Philip Hart as Chief Technology Officer and Angus Norman, as Chief Executive of Ocean Power Technologies Limited, securing a 2MW berth at the European Marine Energy Centre and signing an agreement with Leighton Contractors to develop wave power projects off the east and south coasts of Australia.

The ongoing relationship with the US Navy has also strengthened the company's position as it deployed and ocean-tested a PowerBuoy at the Marine Corps Base, Oahu, Hawaii which attracted an additional $1.4 million in funding and the ocean-testing of an autonomous PowerBuoy off the coast of New Jersey, developed for the US Navy’s Deep Water Active Detection System ocean data gathering program after which OPT was awarded a $3.0 million contract for the second phase of the program.