MONROE TOWNSHIP, N.J., July 09, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has signed a Memorandum of Understanding (MOU) with AltaSea at the Port of Los Angeles (AltaSea). The joint aim is to explore exciting opportunities within the Blue Economy. This agreement follows a recent visit to AltaSea by Philipp Stratmann, CEO and Presiden ...

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this MOU, stating, "As we continue our growth, we are excited to partner with AltaSea to explore supporting the group of companies developing and deploying marine energy and Blue Economy technologies and projects here in the Port of Los Angeles. We are also excited about the opportunities for staging our renewable energy PowerBuoys and WAMV unmanned surface vehicles at AltaSea for other projects in the Pacific Ocean." For additional ...

Philipp Stratmann, CEO of OPT, expressed his enthusiasm on the partnership: "We are excited to partner with SES. This agreement allows us to leverage SES's offering of survey and navigation equipment and deploy WAM-V's to SES's customer base. This partnership further accelerates our growth and enables additional revenue stream." OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and rese ...

Integrating OPT's commercially available vehicles with Unique's leading position in the offshore energy industry in the UAE will accelerate the adoption of USVs in the region. Unique Group's knowledge of the local industry and footprint in the region enables maintenance and services to be carried out more efficiently. Jack Dougherty, Global Head of USV at Unique Group, added, "Unique Group is excited to announce our strategic partnership with Ocean Power Technologies (OPT). By leveraging our extensive regio ...

MONROE TOWNSHIP, N.J., June 27, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is pleased to announce the signing of an Original Equipment Manufacturer ("OEM") agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE: TDY) ("Teledyne"), a key supplier in the maritime technology inclusive of connectors, instruments, and vehicles. This s ...

What's notable about the contract is that the federal government issued it on a "noncompetitive basis." Essentially, this means that Ocean Power represented the only candidate for the job; that is, the company did not have to bid against rival entities. Curious Eyes Turn to OPTT Stock Per the press release, "[r]evenue will be recognized ratably over the course of the contract with an expected near-term delivery date. Due to the sensitive nature of this relationship, terms have not been disclosed." Given ris ...

Copy link to section The aforementioned back-to-back announcements underscore Ocean Power Technologies' growing presence in the maritime technology sector and its increasing appeal to both government and other offshore operators. In March, OPTT reported record revenue growth for its fiscal third quarter. Its gross profit also climbed sharply on a year-over-year basis from $0.1 million to $0.8 million in Q3. Philipp Stratmann – the chief executive of Ocean Power said at the time: We continue to make progress ...

MONROE TOWNSHIP, N.J., June 26, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the US Government. The final contract award will be a Firm-Fixed-Price purchase order on a noncompetitive basis. Philipp Stratmann, CEO and President ...

MONROE TOWNSHIP, N.J., June 24, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been selected as preferred supplier for a PowerBuoy equipped with Merrows, its Artificial Intelligence capable Maritime Domain Awareness Solution, for an immediate delivery opportunity in the Midde East. This contract, once finalized, will generate revenues in the cu ...

About this content About Emily Jarvie Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emer ...