Ocean Power Technologies Appoints Remah International Group as Distributor in the UAE
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) ha firmato un Contratto di Distribuzione con il Remah International Group (RIG) per promuovere, distribuire, vendere e assistere le soluzioni di OPT nell'industria della difesa e della sicurezza degli Emirati Arabi Uniti. L'obiettivo della partnership è accelerare l'adozione di servizi di sicurezza marina autonomi nella regione.
RIG è un'azienda con sede negli Emirati Arabi Uniti che conta 48 filiali ed è partner di fornitori di soluzioni globali come Northrop Grumman e SAAB. L'accordo comprende la gamma di soluzioni di OPT, tra cui WAM-V® Veicoli di Superficie Senza Pilota, Next Generation Powerbuoy® e Merrows™ con capacità AI.
La collaborazione sfrutta la posizione consolidata di RIG nel mercato degli Emirati Arabi Uniti e la sua esperienza nel servizio delle Forze Armate degli Emirati. OPT e RIG lavoreranno per stabilire un'infrastruttura locale di manutenzione e supporto, utilizzando le funzionalità di servizio per l'intero ciclo di vita già esistenti di RIG.
Ocean Power Technologies (NYSE American: OPTT) ha firmado un Acuerdo de Distribución con Remah International Group (RIG) para promover, distribuir, vender y dar servicio a las soluciones de OPT en la industria de defensa y seguridad de los EAU. La asociación tiene como objetivo acelerar la adopción de servicios de seguridad oceánica autónoma en la región.
RIG, una empresa con sede en los EAU que cuenta con 48 subsidiarias, colabora con proveedores de soluciones globales como Northrop Grumman y SAAB. El acuerdo abarca la suite de soluciones de OPT, incluyendo WAM-V® Vehículos de Superficie No Tripulados, Next Generation Powerbuoy® y Merrows™ con capacidades de IA.
La colaboración aprovecha la posición establecida de RIG en el mercado de los EAU y su experiencia en el servicio a las Fuerzas Armadas de los EAU. OPT y RIG trabajarán en establecer una infraestructura local de mantenimiento y soporte, utilizando la funcionalidad existente de servicio de ciclo de vida completo de RIG.
오션 파워 테크놀로지스(Ocean Power Technologies, NYSE American: OPTT)는 리마 인ternational 그룹(Remah International Group, RIG)과 배급 계약을 체결하여 UAE 방산 및 보안 산업에서 OPT의 솔루션을 홍보, 유통, 판매 및 서비스합니다. 이 파트너십의 목표는 이 지역에서 자율 해양 보안 서비스의 채택을 가속화하는 것입니다.
RIG는 48개의 자회사를 둔 UAE 기반 기업으로, Northrop Grumman 및 SAAB와 같은 글로벌 솔루션 제공업체와 파트너십을 유지하고 있습니다. 이 계약은 WAM-V® 무인 수상 차량, 차세대 파워부이(Next Generation Powerbuoy®) 및 AI 기능을 갖춘 Merrows™을 포함한 OPT의 솔루션 제품군을 포괄합니다.
이 협력은 UAE 시장 내 RIG의 확고한 입지와 UAE 군대에 대한 서비스 경험을 활용합니다. OPT와 RIG는 RIG의 기존 전체 생애 주기 지원 서비스 기능을 활용하여 지역 유지보수 및 지원 인프라를 구축할 것입니다.
Ocean Power Technologies (NYSE American: OPTT) a signé un Accord de Distribution avec Remah International Group (RIG) pour promouvoir, distribuer, vendre et entretenir les solutions d'OPT dans l'industrie de défense et de sécurité des Émirats Arabes Unis. Ce partenariat vise à accélérer l'adoption des services de sécurité océaniques autonomes dans la région.
RIG, une entreprise basée aux Émirats Arabes Unis avec 48 filiales, collabore avec des fournisseurs de solutions mondiaux tels que Northrop Grumman et SAAB. L'accord couvre l'ensemble des solutions d'OPT, y compris WAM-V® Véhicules de Surface Non Habités, Next Generation Powerbuoy® et Merrows™ capables d'IA.
La collaboration exploite la position établie de RIG sur le marché des Émirats Arabes Unis et son expérience au service des Forces Armées des Émirats. OPT et RIG travailleront à l'établissement d'une infrastructure locale de maintenance et de support, en utilisant la fonctionnalité de service d'ensemble du cycle de vie de RIG déjà en place.
Ocean Power Technologies (NYSE American: OPTT) hat einen Vertriebspartnervertrag mit Remah International Group (RIG) unterzeichnet, um die Lösungen von OPT in der Verteidigungs- und Sicherheitsindustrie der VAE zu bewerben, zu vertreiben, zu verkaufen und zu warten. Ziel der Partnerschaft ist es, die Einführung autonomer maritimer Sicherheitsdienste in der Region zu beschleunigen.
RIG ist ein in den VAE ansässiges Unternehmen mit 48 Tochtergesellschaften und arbeitet mit globalen Lösungsanbietern wie Northrop Grumman und SAAB zusammen. Der Vertrag umfasst das Lösungsportfolio von OPT, einschließlich WAM-V® Unbemannte Oberflächenfahrzeuge, Next Generation Powerbuoy® und AI-fähige Merrows™.
Die Zusammenarbeit nutzt die etablierte Position von RIG auf dem Markt der VAE und deren Erfahrung im Dienst für die VAE-Streitkräfte. OPT und RIG werden daran arbeiten, eine lokale Infrastruktur für Wartung und Unterstützung zu etablieren, und dabei die bestehende Funktionalität der umfassenden Lebenszyklusunterstützungsdienste von RIG nutzen.
- Partnership with RIG expands OPT's presence in the UAE defense and security market
- Potential for accelerated adoption of OPT's autonomous ocean security services in the Middle East
- Access to RIG's established sales and marketing team for wider customer reach
- Opportunity to develop local maintenance and support infrastructure
- None.
Paradigm Shifting Development in OPT’s Expansion of its Defense and Security Business in the Middle East
MONROE TOWNSHIP, N.J., Oct. 21, 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 Distributor Agreement with Remah International Group (“RIG”), a privately held and UAE headquartered company with a focus on both military and civilian services. Through its locally owned group of 48 companies, RIG partners with esteemed solution providers globally, including Northrop Grumman and SAAB, to ensure the highest levels of service and product are supplied to the UAE. OPT and RIG will collaborate to promote, distribute, sell, and service OPT’s suite of solutions, including its WAM-V® Unmanned Surface Vehicles (“USV”), the Next Generation Powerbuoy®, and the AI capable Merrows™, to the defense and security industry in the UAE. The Agreement is valid immediately and calls for the parties to explore additional expansion and integration of services as demand for OPT’s solutions continues to grow in the UAE.
OPT believes that integrating its commercially available solutions with RIG’s leading position in the UAE should drive the rapid acceleration of the adoption of autonomous ocean security services in the region. RIG’s long history as one of the first company’s setup to service the UAE Armed Forces, its outstanding reputation for excellence and knowledge of the local industry, coupled with its key footprint in the UAE, should enable turnkey services to be carried out more efficiently. RIG will utilize its sales and marketing team to introduce OPT’s solutions to a wide range of defense and security customers. OPT and RIG will work on establishing a local maintenance and support infrastructure, using RIG’s existing full lifecycle support service functionality.
Dr. Philipp Stratmann, OPT’s CEO, expressed his enthusiasm about this partnership, stating, "We are honored and energized to have RIG join us in our efforts to further penetrate Middle East markets. The opportunity to work with RIG is a landmark achievement in our ongoing mission to deploy our products and solutions globally. We are very excited about the prospects of expanding further in the UAE and are humbled that RIG has selected us as a partner. RIG’s unparalleled leadership in the market speaks for itself and we applaud the local industry’s forward thinking in adopting autonomous and sustainable ocean security technologies."
For additional information about OPT and its services, 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 and has an additional office in Richmond, California. To learn more, 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 ultimate commercial success of the RIG partnership and 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 products will Ocean Power Technologies (OPTT) distribute in the UAE through the new agreement?
How will the partnership between Ocean Power Technologies (OPTT) and Remah International Group benefit OPT's expansion in the Middle East?
What is the scope of the Distributor Agreement between Ocean Power Technologies (OPTT) and Remah International Group?
How does Ocean Power Technologies (OPTT) plan to support its products in the UAE market?
