This growth primarily reflects an increase in revenues from the development of the PB500 PowerBuoy and an increase in revenues from OPT's PB150 PowerBuoy project in Reedsport, Oregon, partially offset by declines in revenues from OPT's Deep Water Active Detection System
project with the US Navy and a utility PowerBuoy project with the US Navy at the Marine Corps Base in Hawaii as both of these projects neared completion.
It is OPT's first contract with the US Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) programme and builds on its relationship that dates back to June 2007 when OPT was awarded a pounds 1 million contract to provide autonomous PowerBuoy technology for the Navy's Deep Water Active Detection System
for ocean data gathering.
With the recent achievement of grid-connection of our PowerBuoy at the Marine Corps Base in Hawaii and progress on the Navy's Deep Water Active Detection System
program, we look forward to strengthening our relationship with the Navy to harness wave power for maritime security and utility applications.
The Navy's Deep Water Active Detection System
("DWADS") program is designed to utilize sophisticated data gathering and communications systems.
On the other hand, the NIST system is relatively broadband so it eliminates the problem of glint often associated with active detection systems