Ocean Power Technologies Confirms Shipment of AI capable Merrows™ PowerBuoy® for the Middle East
Rhea-AI Summary
Ocean Power Technologies (NYSE American: OPTT) has announced the confirmed shipment of an AI-capable Merrows™ PowerBuoy® to a customer in the Middle East. This development expands the company's Merrows™ offering in the region. OPT, known for its innovative and cost-effective low-carbon marine power, data, and service solutions, had previously announced that the shipment was ready. This confirmation marks a significant step in OPT's expansion into the Middle Eastern market, potentially strengthening its position in the renewable marine energy sector.
Positive
- Confirmed shipment of AI-capable Merrows™ PowerBuoy® to Middle East customer
- Expansion of Merrows™ offering in the Middle East region
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- None.
Expands Merrows™ Offering in the Region
MONROE TOWNSHIP, N.J., Oct. 07, 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 received customer confirmation to ship to a customer in the Middle East the previously announced shipment ready AI capable Merrows™ PowerBuoy®.
For additional information about OPT, please visit our website Ocean Power Technologies.
ABOUT OCEAN POWER TECHNOLOGIES
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 research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking products, services and solutions, visit www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the continuing successful operations of the AI capable Merrows™ PowerBuoy®, success in the Middle East, the delivery of customer services, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
FAQ
What product has Ocean Power Technologies (OPTT) shipped to the Middle East?
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