Ocean Power Technologies appoints Timothy Stiven as MD of UK and European Business

Ocean Power Technologies, a leading wave energy technology company, has announced the appointment of Timothy Stiven as Managing Director of Ocean Power Technologies Limited ("OPT Ltd"), the Company's UK-based wholly-owned subsidiary, effective March 1, 2012.

He succeeds Angus Norman, who is stepping down from his role as Chief Executive of OPT Ltd for personal reasons. Mr. Norman will remain an advisor to the Company and will serve on OPT's Board of Advisors.

Mr. Stiven, 38, joined OPT in 2010 as Director of Business Development and Marketing for UK & Europe. Reporting to Charles F. Dunleavy, Chief Executive Officer of Ocean Power Technologies, Inc., Mr. Stiven will be responsible for all OPT Ltd operations, based in Warwick, UK. This includes project engineering, sales and marketing, customer contracts and other activities in the UK and Europe.

During his career, Mr. Stiven has held a number of positions involving marine engineering and sustainable energy.

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