Energizing

Ocean

Intelligence

2021 ANNUAL REPORT

ENERGIZING OCEAN

INTELLIGENCE™

POWER AS A SERVICE

OPT delivers autonomous clean power for topside and subsea offshore power applications wherever it is required. Dependable, clean, and environmentally friendly OPT PowerBuoy® products can enable existing and new technologies to operate in remote ocean locations.

The PB3 PowerBuoy® generates electricity by harnessing the renewable energy of ocean waves. Featuring a unique power generation system, it autonomously converts wave energy into electric power to continuously charge on-board batteries, enabling multiple surface and subsea solutions.

The hybrid PowerBuoy® generates power primarily through solar panels with an efficient and clean burning Stirling engine to provide backup power and can provide reliable power in remote offshore locations, regardless of ocean wave conditions.

OPT's Subsea Battery can be deployed together with our PowerBuoys® or on its own to supply continuous or short-term power supply

from its integrated energy storage system to support a range of industries and applications, from backup power to critical subsea infrastructure to continuous operation of subsea equipment.

OCEAN POWER TECHNOLOGIES, INC . // 1

DATA AS A SERVICE

An evolution of work we did in the North Sea, OPT is developing a proprietary Maritime Domain Awareness Solution (MDAS) to introduce edge computing and artificial intelligence modules that can be delivered to customers via a cyber-secure cloud environment and deployed on our PowerBuoys® or other platforms.

The OPT MDAS includes high-definition radar, gyro-stabilizedhigh-definition optical and thermal imaging cameras, vessel automatic identification system (AIS) detection, and integrated command and control software and as customer needs dictate. Capabilities include 24/7/365 vessel tracking, automatic radar plotting, automated vessel warnings, and high-definition optical and thermal video surveillance capable of providing evidentiary backup of activity to aid in prosecution.

Surveillance data can be integrated with readily available marine monitoring software or with our own MDA software solution developed together with leading partners in the technology industry to provide command and control features of a multi-buoy surveillance network. The data can also be integrated with satellite, weather, bathymetric, and other data feeds to form a detailed surface and subsea picture of a monitored area.

STRATEGIC CONSULTING SERVICES

Strengthened by OPT's FY21 acquisition of 3Dent Technology, our Strategic Consulting Services team focuses on delivering ocean engineering, structural and dynamic analysis, engineering and design studies, and motion simulation for oil and gas, floating wind, and other offshore operators.

Our team of dedicated consultants/designers has extensive expertise in structural engineering, hydrodynamics, and naval architecture. Among our services is a focus on addressing the issues current or would-be owners of offshore floaters, jackups, and lift boats have with their fleet. 3Dent's services include simulation engineering, software engineering, concept design, and motion analysis.

2 // 2021 ANNUAL REPORT

DEAR FELLOW SHAREHOLDER,

Philipp Stratmann

Terence J. Cryan

President and Chief Executive Officer

Chairman of the Board

Thank you for your continued trust, confidence, and investment in Ocean Power Technologies. Our aim is to closely align the goals of this Company with the needs of the global maritime market.

To better meet these needs, OPT is transforming the way we go to market. We are shifting from a company that fabricates offshore power products to one that provides services, specifically Power as a Service, Ocean Data as a Service, and Strategic Consulting Services.

OPT will continue to provide Power as a Service with our autonomous PowerBuoys®. Similarly, for complex Ocean Data as a Service offerings such as our Maritime Domain Awareness solution, OPT will provide customized solutions and, when needed, will go to market with partners to expand our offering.

We established a strong cornerstone for OPT's Strategic Consulting Services by acquiring 3Dent Technology, a provider of offshore engineering and design services, in Fiscal Year 2021. We believe that our decision to invest in organic and inorganic growth will help OPT meet and anticipate the needs of a rapidly developing global marketplace. We will continue to evaluate similar opportunities whenever they align with and strengthen our strategic plan.

OCEAN POWER TECHNOLOGIES, INC . // 3

OPT is committed to safety, true sustainability, and protecting our ocean resources while advancing the rapidly emerging Blue Economy. We can play a pivotal role in helping our customers reduce their impact on our oceans while also ensuring that OPT is a workplace where all employees feel safe, protected, supported, and rewarded. Therefore, we continue to foster diversity and inclusion throughout our Company.

We recently changed the OPT Board committee structure by splitting the existing Health, Safety, and Environmental Committee into two separate committees. We believe the resulting Health and Safety Committee and the Environment and Sustainability Committee will provide greater emphasis on these critical internal and external focus areas.

Our goals for Fiscal Year 2022 are to provide essential solutions safely and sustainably to our customers, expand our revenues and our global reach, identify high-revenue growth opportunities, and build critical partnerships to enable our future growth, all of which will deliver enduring shareholder value. We can do this by building the type of inclusive organization that treats everyone-customers, stockholders, employees, vendors, and partners-and our planet with the honor and respect they each deserve.

Sincerely yours,

Philipp Stratmann

President and Chief Executive Officer

BOARD OF DIRECTORS

Terence J. Cryan

A member of OPT's Board of Directors since October 2012, Mr. Cryan has been Chairman of the Board since June 2014. He currently serves as a Managing Director of MACCO Restructuring Group, LLC, and serves as the Chairman

of the Board of Westwater Resources, Inc.

Clyde W. Hewlett

Serving on the OPT Board of Directors since December 2020, Mr. Hewlett has over 40 years of experience in offshore engineering design, manufacturing, and operations. He formerly served as Chief Operating Officer (COO) of Oceaneering International, Inc.

Terence J. Cryan

Chairman of the Board

Diana G. Purcel

A member of the OPT Board of Directors since December 2020, Ms. Purcel has 20 years of experience as a Chief Financial Officer for iMedia Brands, Inc., Cooper's Hawk Winery & Restaurants, LLC, and BBQ Holdings, Inc. Ms. Purcel also serves on the Board of Directors for the Animal Humane Society.

Peter E. Slaiby

Serving on the Board of Directors since December 2020, Mr. Slaiby has over 39 years of experience in the oil and gas industry, including over

37 years working with Royal Dutch Shell. Mr. Slaiby has also served on the Board of Directors for Glacier Oil and Gas and The Harris School in Houston, Texas.

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Ocean Power Technologies Inc. published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 21:11:05 UTC.