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Ocean Power Technologies Announces Binding Letter of Intent to Deploy AI-Capable PowerBuoy for a Major International Defense Contractor
Globenewswire· 2025-03-12 12:15
Core Insights - Ocean Power Technologies, Inc. has received a binding letter of intent to deploy a PowerBuoy for an undisclosed customer, aimed at demonstrating the system's survivability and suitability for multidomain defense and security applications in extreme sea conditions [1] - The company signed a teaming agreement with a major international defense contractor last year to provide its Merrows™ suite of solutions, focusing on specific geographic regions [1] Company Overview - Ocean Power Technologies specializes in innovative and cost-effective low-carbon marine power, data, and service solutions, targeting markets such as defense and security, oil and gas, science and research, and offshore wind [3] - The company's Merrows™ solution integrates AI for seamless Maritime Domain Awareness Systems across platforms, while its PowerBuoy platforms offer clean electric power and real-time data communications for remote maritime and subsea applications [3] - The company is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California [3] Leadership Perspective - The CEO and President of Ocean Power Technologies expressed enthusiasm about the deployment, emphasizing the commitment to enhancing global maritime security and the potential for significant advancements in intelligence, surveillance, and reconnaissance solutions [2]
Ocean Power Technologies showcases maritime defense solutions in UAE
Proactiveinvestors NA· 2025-02-24 14:14
Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - Automation and software tools, including generative AI, are used, but all content is edited and authored by humans [5]
Ocean Power Technologies Announces Successful Defense and Security Demonstrations in UAE
Globenewswire· 2025-02-24 13:15
Core Insights - Ocean Power Technologies, Inc. (OPT) successfully demonstrated its defense and security capabilities at NAVDEX in Abu Dhabi in collaboration with Remah International Group (RIG) [1][2] - The demonstrations showcased OPT's WAM-V® Unmanned Surface Vehicles (USV) and other technologies, indicating potential growth opportunities in the UAE region [2][3] Company Overview - OPT specializes in innovative low-carbon marine power solutions, providing services for defense, oil and gas, science and research, and offshore wind markets [4] - The company offers products such as the Next Generation Powerbuoy® and AI-capable Merrows™, which enhance maritime domain awareness [4] Strategic Partnerships - The partnership with RIG is expected to lead to opportunities in autonomous anti-submarine warfare, mine countermeasures, national security applications, and maritime monitoring [2][3] - OPT aims to expand its presence in the UAE and enhance collaboration with RIG and other partners following the successful demonstrations [3]
Ocean Power Technologies Announces Demonstration of WAM-V at NAVDEX
Globenewswire· 2025-02-10 13:15
Core Insights - Ocean Power Technologies, Inc. (OPT) is showcasing its innovative marine power solutions at NAVDEX in Abu Dhabi in partnership with Remah International Group (RIG) [1][2] - The partnership aims to enhance the adoption of autonomous ocean security services in the UAE, leveraging RIG's established presence and expertise in the region [2][3] - OPT's CEO expressed enthusiasm for the partnership, highlighting the potential for advancing opportunities in the Middle East markets with a focus on AI-capable ocean security technologies [3] Company Overview - OPT specializes in intelligent maritime solutions for various sectors, including defense, oil and gas, and offshore wind, offering products like Merrows™ and PowerBuoy® platforms [4] - The company is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California [4]
Ocean Power Technologies Secures $2 Million in Purchase Orders for PowerBuoys® in Latin America
Globenewswire· 2025-01-31 13:15
Core Insights - Ocean Power Technologies, Inc. (OPT) has announced a new partnership in Latin America, with initial purchase orders amounting to $2 million for its Next Generation PowerBuoys® [1][2] - The PowerBuoys® utilize a combination of wave, solar, and wind power generation, and are designed for deployment in various water depths, supporting both above and below surface payloads [2][3] - The CEO of OPT expressed enthusiasm about the partnership, highlighting the potential for enhanced marine intelligence solutions in the region [3] Company Overview - OPT specializes in low-carbon marine power, data, and service solutions, aiming to provide safer, cleaner, and more productive ocean operations across various sectors including defense, oil and gas, and offshore wind [4] - The company offers a range of products including PowerBuoy® platforms and WAM-V® autonomous surface vessels, focusing on innovation and customer satisfaction [4] Market Position - The recent order signifies a growing demand for OPT's solutions and reinforces its leadership in the marine intelligence and robotics industry [2][3] - The company is committed to expanding its global presence and forming strategic partnerships to enhance its service offerings [3]
Ocean Power Technologies hails multi-day autonomous vehicle demonstration
Proactiveinvestors NA· 2025-01-21 14:41
About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...
Ocean Power Technologies Demonstrates Multi-Day Advanced Remote Survey Capabilities
Globenewswire· 2025-01-21 13:15
Completion of Exercises in California Illustrates Cost Efficient Autonomous Ocean Intelligence at ScaleMONROE TOWNSHIP, N.J., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed a major set of exercises in Califor ...
Ocean Power Technologies Announces Appointment of Advisory Board Members to Support the Board of Directors
Globenewswire· 2025-01-17 13:15
Core Insights - Ocean Power Technologies, Inc. has appointed three new Advisory Board Members with extensive experience in cybersecurity and government contracting, emphasizing the company's commitment to U.S. government projects [1][3][4] Group 1: Advisory Board Appointments - Natalie Lorenz-Anderson, Rear Admiral Joseph A. "Digger" DiGuardo, and Rear Admiral Victorino "Vic" Mercado have been appointed as Advisory Board Members to provide strategic advice to the OPT Board [1][3] - Lorenz-Anderson has over 40 years of experience in government contracting and technology fields, including cybersecurity and risk management, and has held significant roles in various organizations [4] - DiGuardo has a distinguished military career, including leadership of the Navy Expeditionary Combat Command with a budget of $2.1 billion, and currently advises on national security strategy [5][6][7] - Mercado served as U.S. Assistant Secretary of Defense for Strategy, Plans, and Capabilities, providing critical insights into national security and defense strategies [8][9] Group 2: Compensation and Structure - Advisory Board Members will be compensated with equity grants, with the amount and timing determined at the Board's discretion [2] - The company has also granted an inducement award of 75,000 restricted shares to Tracy Pagliara, the new Senior Vice President, General Counsel & Corporate Secretary, as part of its Employment Inducement Incentive Award Plan [12][13] Group 3: Company Overview - Ocean Power Technologies specializes in low-carbon marine power solutions and services, targeting markets such as defense, oil and gas, and offshore wind [15]
Ocean Power Technologies CEO reflects on strategic growth, cost efficiency, and technological innovations
Proactiveinvestors NA· 2025-01-13 21:38
Ocean Power Technologies Inc (NYSE-A:OPTT), a leader in ocean intelligence solutions, is making significant strides in its mission to deliver innovative surveillance, monitoring, and data solutions for maritime environments. At a recent fireside chat with Water Tower Research, CEO Philipp Stratmann shared insights into the company's progress, emphasizing its operational evolution, cost efficiency, and expanding global footprint. "Over the course of the year, we have continued to execute on the strategy we s ...
Ocean Power Technologies CEO talks PowerBuoy deployment milestone - ICYMI
Proactiveinvestors NA· 2024-12-28 13:37
About this content About Emily Jarvie 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 emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...