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Ocean Power Technologies, Inc. (NASDAQ: OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave-based power generation and management technology. The company’s flagship product, the PowerBuoy® system, integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. This results in a leading-edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations. Its core markets include defense and security, oil and gas, science and research, and offshore wind. The company’s offerings encompass ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS). Additionally, OPT provides WAM-V® autonomous surface vessels (ASVs) and marine robotics services.
Recent achievements include several successful customer field demonstrations that showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the PowerBuoy. These demonstrations have positioned OPT uniquely in the market, bypassing lengthy paper studies and accelerating the sales cycle. The company has also completed deployments across various seas, including the Atlantic, Pacific, Mediterranean, and North Sea, achieving approximately 15MWh of renewable energy production.
The company has expanded its operational footprint globally, with activities in North and South America, Europe, Asia, and Australia. OPT has forged partnerships with several notable customers, including ENI, EGP, the Office of Naval Research, and the DeepStar consortium. The company is also expanding into the Middle East and Africa, offering its integrated Merrows solution and other technologies.
Ocean Power Technologies continues to provide innovative solutions, contributing to the growth of marine renewable energy and enhancing oceanic operations with clean, reliable power and advanced data communications. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, OPT remains at the forefront of marine technology innovation.
Ocean Power Technologies (NYSE American: OPTT) has announced the delivery of WAM-V 16 and WAM-V 22 unmanned surface vehicles to survey customers in Latin America. The company has also secured a follow-on order for a WAM-V 8 from one of these customers. The delivery includes fully integrated systems with survey equipment, supporting revenue recognition. This development is part of OPT's regional expansion strategy in Mexico, Costa Rica, and Brazil, working with end customers and resellers to convert pipeline opportunities into revenue.
Ocean Power Technologies (NYSE American: OPTT) has completed the second set of exercises under its follow-on contract as a subcontractor to EpiSci for Project Overmatch. The company successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG). The completion of these exercises, following the first set concluded over the summer, supports immediate revenue recognition. The project involves ruggedizing and enhancing operational capabilities of autonomous maritime technologies to support the U.S. military and allies.
Ocean Power Technologies (NYSE American: OPTT) has signed a Distributor Agreement with Remah International Group (RIG) to promote, distribute, sell, and service OPT's solutions in the UAE defense and security industry. The partnership aims to accelerate the adoption of autonomous ocean security services in the region.
RIG, a UAE-based company with 48 subsidiaries, partners with global solution providers like Northrop Grumman and SAAB. The agreement covers OPT's suite of solutions, including WAM-V® Unmanned Surface Vehicles, Next Generation Powerbuoy®, and AI-capable Merrows™.
The collaboration leverages RIG's established position in the UAE market and its experience servicing the UAE Armed Forces. OPT and RIG will work on establishing a local maintenance and support infrastructure, utilizing RIG's existing full lifecycle support service functionality.
Ocean Power Technologies (NYSE American: OPTT) has shipped a WAM-V Unmanned Surface Vehicle (USV) to the UAE, following its June 2024 partnership announcement with Unique Group. The 22ft WAM-V will be exhibited at ADIPEC, a major energy industry event in Abu Dhabi from November 4-7, 2024. This move aims to showcase OPT's autonomous vehicle services to potential customers in the offshore energy sector.
Unique Group, a UAE-based offshore services provider with over 500 employees worldwide, will demonstrate the vehicle to offshore energy companies. OPT's CEO, Philipp Stratmann, expressed enthusiasm for the increasing demand for their services in the Middle East, particularly in the UAE. The company anticipates that this exhibition will further boost their activity in the region.
Ocean Power Technologies (NYSE American: OPTT) has signed an agreement with 3B General Trading & Contracting Co. W.L.L. (3B) to explore projects in Kuwait's offshore energy and maritime industry. The partnership aims to deploy WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equipped with AI-capable Merrows™.
CEO Philipp Stratmann expressed enthusiasm about OPT's expansion in the Middle East, highlighting the growing offshore energy and maritime industry market in Kuwait. He emphasized that OPT's solutions provide operators with tools to generate offshore energy and ocean intelligence more effectively, safely, and efficiently.
Ocean Power Technologies (NYSE American: OPTT) announced its participation in the MicroCap Rodeo Fall Conference on October 16th, 2024, in New York City. CEO Philipp Stratmann will present at 11:00 AM EDT, highlighting the company's advancements in autonomous solutions that harness renewable energy for maritime and defense sectors.
The presentation will be webcast live, with registration available for virtual attendance. Management will also be available for one-on-one meetings with approved investors on the same day. OPT, a leader in low-carbon marine power, data, and service solutions, aims to showcase its cutting-edge technologies and strategic growth plans during the conference.
Interested parties can find more information and register for the conference at www.microcaprodeo.com. For additional details about Ocean Power Technologies and its services, visitors are directed to the company's website.
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.
Ocean Power Technologies (NYSE American: OPTT) has received a $1.1 million preliminary award from the New Jersey Economic Development Authority (NJEDA) 2024 Technology Business Tax Certificate Transfer Program. This program, also known as the Net Operating Loss (NOL) Program, allows technology and life sciences businesses in New Jersey to sell a percentage of their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash.
OPT participates in this program annually, having received a $1.2 million award in 2023. The funding is considered a significant resource as the company progresses on its path to profitability. The award also highlights the potential value of OPT's net operating losses and unused R&D tax credits, emphasizing the importance of preserving these assets for future monetization opportunities.
Ocean Power Technologies (NYSE American: OPTT) has announced the shipment of multiple WAM-V unmanned surface vehicles to a US Government department under a previously announced sole source contract. This delivery marks a significant revenue recognition milestone for the company. While specific terms remain undisclosed due to the sensitive nature of the relationship, this shipment builds upon OPT's recent commercial success in providing vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions across North America, Sub Saharan Africa, and the Middle East.
CEO Philipp Stratmann emphasized that this shipment demonstrates OPT's continued execution for customers and shareholders, as well as the company's ability to convert its pipeline into bookings and revenue. The use of small Unmanned Surface Vehicles like the WAM-V® is seen as a cost-efficient force multiplier for the US Government and other offshore operators, highlighting the dual-use nature of OPT's technologies.
Ocean Power Technologies (NYSE American: OPTT) has signed a Memorandum of Understanding (MOU) with Serviço Nacional de Aprendizagem Industrial (SENAI) in Brazil to explore collaboration on Blue Economy opportunities. The partnership aims to advance the deployment of WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equipped with AI capable Merrows™.
OPT's CEO, Philipp Stratmann, expressed enthusiasm about the partnership, highlighting the potential to support the development and deployment of ocean technologies in Brazil. The company sees an opportunity in Brazil's growing offshore energy market, believing their solutions can help operators generate offshore energy more effectively and efficiently.
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