Ocean Power Technologies Awarded Contract for Delivery of AI Capable Buoy in the USA

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has secured a contract for immediate delivery of a PowerBuoy® system in the USA. The buoy, set for deployment on the East Coast, will be capable of integrating surface and subsea sensors with AI capabilities.

While specific details remain confidential, CEO Philipp Stratmann highlighted this as a revenue-generating contract, emphasizing the company's growth in both PowerBuoy® and WAM-V® business segments. The company positions its proven technology solutions as enabling persistent and resident monitoring for research and security applications.

Positive

• New revenue-generating contract secured for PowerBuoy® system
• Expansion of market presence on US East Coast
• Growth reported in both PowerBuoy® and WAM-V® business segments

Negative

• Contract details and value remain undisclosed due to confidentiality

System includes surface and subsurface sensors

MONROE TOWNSHIP, N.J., March 24, 2025 (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 been awarded a contract for a PowerBuoy^® for an immediate delivery in the USA. This contract enables the future integration of surface and subsea sensors, and the buoy will be deployed on the East Coast. Due to the confidential nature of the contract, further details are not being disclosed.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue generating contract, stating, "In addition to the material growth of our WAM-V^® business, we are excited to continue growing our PowerBuoy^® business. We believe that providing persistent and resident monitoring offers a lot of opportunities for our solutions in research and security applications. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-V^®s and PowerBuoy^®s into their operations.”

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^® unmanned surface vehicles (USV’s) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. 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 continued success of its Powerbuoy^® products and Merrows™ solution 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.

CONTACT INFORMATION

Investors: 203-561-6945 or investorrelations@oceanpowertech.com

Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

FAQ

What is the latest contract awarded to Ocean Power Technologies (OPTT)?

OPTT has been awarded a contract for immediate delivery of an AI-capable PowerBuoy® system on the East Coast of the USA, featuring surface and subsea sensor integration capabilities.

Where will OPTT's new PowerBuoy® system be deployed?

The new PowerBuoy® system will be deployed on the East Coast of the United States.

What are the main applications for OPTT's PowerBuoy® technology?

OPTT's PowerBuoy® technology is primarily used for persistent and resident monitoring in research and security applications.

How does this contract impact OPTT's business growth?

This revenue-generating contract represents continued growth in OPTT's PowerBuoy® business segment, complementing the material growth in their WAM-V® business.