For Immediate Release                                                                                                                    October 6, 2008

GRANT AND ADDITIONAL LISTING OF SHARES

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces in compliance with the AIM Rules that on October 2, 2008, shares of OPT's US $0.001 Common Stock ("Common Stock") were granted to non-executive Directors of the Company under the Company's 2006 Stock Incentive Plan. The Common Stock grants to non-executive Directors are in connection with their annual fee for service on OPT's Board of Directors.  In accordance with the Board compensation program, the non-executive Directors each received the number of shares worth $10,000 based on the closing market price of $8.01 on the Nasdaq market on the date of grant.  The shares were granted to the Directors as follows:

Seymour S. Preston III (non-executive Director): 1,248 shares which vests 50% at the time of grant and 50% one year later. Following this award, Mr. Preston holds options for 11,500 shares, and owns 6,184 shares of OPT's Common Stock, representing approximately 0.06% of the shares in issue.  

Sir Eric Ash (non-executive Director): 1,248 shares which vests 50% at the time of grant and 50% one year later. Following this award, Mr. Ash holds options for 18,250 shares, and owns 4,248 shares of OPT's Common Stock, representing approximately 0.04% of the shares in issue. 

Thomas J. Meaney (non-executive Director): 1,248 shares which vests 50% at the time of grant and 50% one year later. Following this award, Mr. Meaney holds options for 5,000 shares, and owns 6,696 shares of OPT's Common Stock, representing approximately 0.07% of the shares in issue. 

Paul F. Lozier (non-executive Director): 1,248 shares which vests 50% at the time of grant and 50% one year later. Following this award, Mr. Lozier holds options for 9,000 shares, and owns 8,121 shares of OPT's Common Stock, representing approximately 0.08% of the shares in issue.

With respect to these Common Stock grants, the Company has allotted 4,992 shares of Common Stock and application has been made to the AIM market of the London Stock Exchange ("AIM") for the admission to trading of these 4,992 shares of Common Stock. These shares rank pari passu with the Company's existing shares of Common Stock and dealings on AIM are expected to commence on October 10, 2008.

Following this listing the Company will have 10,215,346 Common shares in issue. 

Forward-Looking Statements

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings, and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

About Ocean Power Technologies

Ocean Power Technologies (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean, and environmentally-beneficial electricity. OPT has a strong track record in harnessing wave energy and participates in a $150 billion renewable energy market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and converts predictable wave energy into low-cost, clean electricity. The Company is widely recognized as the leading provider of on-grid and autonomous wave-energy generation with its energy systems benefiting from over a decade of in-ocean experience. OPT's technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

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