Ocean Power Technologies Announces Binding Letter of Intent to Deploy AI-Capable PowerBuoy for a Major International Defense Contractor

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]