Ocean Power Technologies Awarded $1M Contract for Naval Information Warfare Center Pacific’s Project Overmatch’ Mission Autonomy Proving Grounds
Ocean Power Technologies (NYSE American: OPTT) has been awarded a $1M follow-on contract as a subcontractor to EpiSci for the Naval Information Warfare Center Pacific's Project Overmatch' Mission Autonomy Proving Grounds. This comes after a successful 12-month demonstration of OPT's autonomous surface vehicle technologies. The contract aims to further ruggedize and enhance the operational capability of OPT's autonomous maritime technologies to support the U.S. military and its allies. The project is expected to enable a system of systems (SoS) commercial off-the-shelf offering for scalable and attritable, full spectrum, unmanned solutions in the maritime environment. The first set of exercises has already concluded, leading to immediate revenue recognition.
Ocean Power Technologies (NYSE American: OPTT) ha ricevuto un contratto di follow-up da 1 milione di dollari come subappaltatore di EpiSci per il 'Project Overmatch' del Naval Information Warfare Center Pacific. Questo risulta dopo un successo dimostrato di 12 mesi delle tecnologie per veicoli di superficie autonomi di OPT. L'obiettivo del contratto è quello di rinforzare e migliorare la capacità operativa delle tecnologie marittime autonome di OPT, per supportare le forze armate degli Stati Uniti e i loro alleati. Il progetto è previsto per abilitare un sistema commerciale di sistemi (SoS) off-the-shelf per soluzioni scalabili e facilmente sostituibili, in grado di operare a tutto spettro senza equipaggio nell'ambiente marittimo. Il primo set di esercizi è già stato completato, portando a un immediato riconoscimento dei ricavi.
Ocean Power Technologies (NYSE American: OPTT) ha sido galardonada con un contrato de seguimiento de 1 millón de dólares como subcontratista de EpiSci para el 'Project Overmatch' del Naval Information Warfare Center Pacific. Esto surge después de una exitosa demostración de 12 meses de las tecnologías de vehículos de superficie autónomos de OPT. El objetivo del contrato es fortalecer y mejorar la capacidad operativa de las tecnologías marítimas autónomas de OPT para apoyar a las fuerzas armadas de EE. UU. y sus aliados. Se espera que el proyecto permita una oferta comercial de sistemas (SoS) lista para usar, que proporcione soluciones escalables y reemplazables, de espectro completo y no tripuladas en el entorno marítimo. El primer conjunto de ejercicios ya ha concluido, lo que ha llevado a un reconocimiento inmediato de ingresos.
오션 파워 테크놀로지스 (NYSE American: OPTT)가 에피사이(EpiSci)의 하청업체로서 해군 정보 전쟁 센터 태평양의 '프로젝트 오버매치' 미션 자율성을 위한 100만 달러의 후속 계약을 체결했습니다. 이는 OPT의 자율 수상 차량 기술의 12개월 동안 성공적인 시연 이후 이루어진 것입니다. 이 계약의 목표는 OPT의 자율 해양 기술의 운영 능력을 강화하고 향상시키는 것으로, 미국 군대와 그 동맹국들을 지원하는 것입니다. 이 프로젝트는 해양 환경에서 확장 가능하고 대체 가능한, 전체 스펙트럼의 무인 솔루션을 위한 시스템 시스템(SoS) 상용 오프-더-셰프 제품을 가능하게 할 것으로 예상됩니다. 첫 번째 훈련 세트는 이미 완료되어 즉각적인 수익 인식으로 이어졌습니다.
Ocean Power Technologies (NYSE American: OPTT) a été récompensée par un contrat de suivi d'un million de dollars en tant que sous-traitant d'EpiSci pour le 'Project Overmatch' du Naval Information Warfare Center Pacific. Cela fait suite à une démonstration réussie de 12 mois des technologies de véhicules de surface autonomes d'OPT. L'objectif du contrat est de renforcer et améliorer la capacité opérationnelle des technologies maritimes autonomes d'OPT, afin de soutenir l'armée américaine et ses alliés. Le projet devrait permettre une offre commerciale de systèmes (SoS) prêts à l'emploi pour des solutions non dirigées, évolutives et remplaçables, à spectre complet dans l'environnement maritime. Le premier ensemble d'exercices est déjà terminé, entraînant une reconnaissance immédiate des revenus.
Ocean Power Technologies (NYSE American: OPTT) hat einen 1-Million-Dollar-Folgevertrag als Subunternehmer von EpiSci für das 'Project Overmatch' des Naval Information Warfare Center Pacific erhalten. Dies folgt auf eine erfolgreiche 12-monatige Demonstration der autonomen Oberflächenfahrzeugtechnologien von OPT. Ziel des Vertrags ist es, die Robustheit zu erhöhen und die Operabilität der autonomen maritimen Technologien von OPT zu verbessern, um das US-Militär und seine Verbündeten zu unterstützen. Es wird erwartet, dass das Projekt ein System aus kommerziell erhältlichen Systemen (SoS) für skalierbare und attritierbare, umfassende, unbemannte Lösungen im maritimen Umfeld ermöglicht. Der erste Übungsblock ist bereits abgeschlossen, was zu einer sofortigen Einnahmenanerkennung führt.
- Secured a $1M follow-on contract with the U.S. Navy
- Successful 12-month demonstration of autonomous surface vehicle technologies
- Immediate revenue recognition from concluded exercises
- Potential for commercial off-the-shelf offering in maritime autonomous systems
- None.
Insights
The
OPT's success in the MAPG demonstration highlights its technological competence in autonomous maritime systems. The focus on ruggedizing and enhancing operational capabilities aligns with military requirements for robust, scalable solutions. The development of a "system of systems" (SoS) offering is particularly noteworthy, as it positions OPT to provide integrated solutions rather than standalone products. This approach could lead to deeper integration with military operations and potentially larger contracts. However, the maritime autonomy field is rapidly evolving and OPT will need to maintain a strong R&D focus to stay competitive against larger defense contractors.
This contract signifies OPT's strategic positioning in the growing autonomous maritime technology market. The U.S. Navy's Project Overmatch represents a significant opportunity for companies in this space. OPT's involvement could lead to increased visibility and potential for future contracts, not only with the Navy but also with other military branches and allies. However, investors should be cautious about overestimating the impact of a
OPT Showcases Multi-system Deployment of Autonomous Maritime Technologies, Secures Key U.S. Navy Contract
MONROE TOWNSHIP, N.J., Sept. 12, 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 that it has been awarded a follow-on contract valued at
With this award, OPT will continue to ruggedize and enhance its operational capability of its autonomous maritime technologies to support the U.S. military and its allies. This should enable a system of systems (SoS) commercial off-the-shelf offering that will penetrate the maritime environment with scalable and attritable, full spectrum, unmanned solutions. The first set of exercises have already been concluded, leading to immediate revenue recognition.
Philipp Stratmann, CEO of Ocean Power Technologies, commented, "We are thrilled to have been awarded this contract, which is a testament to the strength and innovation of our technology. We believe our participation in Project Overmatch has been a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the U.S. Navy."
For additional details on Ocean Power Technologies and their involvement in Project Overmatch, please visit www.oceanpowertechnologies.com.
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 potential continuing success with our partner, EpiSci, in connection with MAPG, 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
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