Ocean Power Technologies Completes Long Term Testing of Next Generation PowerBuoy®

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has successfully completed over four months of offshore testing for its Next Generation PowerBuoy® in the Atlantic Ocean. The system, equipped with OPT's Merrows™ AI-capable suite, maintained 100% data uptime and over 90% battery charge throughout the deployment. The PowerBuoy demonstrated resilience during Hurricane Ernesto and Tropical Storm Debby, and conducted several Intelligence, Surveillance, and Reconnaissance demonstrations for potential customers.

The system is now being prepared for deployment at the Naval Postgraduate School in Monterrey, with integration of subsea connectors and AT&T's 5G system. This milestone showcases OPT's progress in developing sustainable ocean monitoring solutions and marks a significant step towards delivering advanced marine power and data services.

Positive

• Successful 4-month offshore testing of Next Generation PowerBuoy®
• 100% data uptime achieved during testing period
• Battery state of charge remained over 90% throughout deployment
• System demonstrated resilience during severe weather conditions
• Completed Intelligence, Surveillance, and Reconnaissance demonstrations for potential customers
• Preparing for deployment at Naval Postgraduate School, integrating 5G technology

Negative

• None.

Insights

Marine Technology Expert

The successful long-term testing of OPT's Next Generation PowerBuoy® marks a significant advancement in marine power technology. Achieving 100% data uptime and maintaining 90%+ battery charge over four months demonstrates exceptional reliability in harsh ocean conditions. The integration of solar and wind power capabilities, coupled with AI-driven Merrows™ solutions, positions this system as a game-changer for sustainable ocean monitoring. The buoy's resilience during severe weather events further underscores its robustness. As the marine industry seeks more sustainable and efficient solutions, OPT's technology could potentially disrupt traditional power sources for offshore operations, offering a reliable, eco-friendly alternative for various maritime applications.

Defense Technology Analyst

The successful testing of OPT's Next Generation PowerBuoy® has significant implications for naval and defense operations. The completion of Intelligence, Surveillance and Reconnaissance (ISR) demonstrations for potential customers during the testing phase indicates strong interest from the defense sector. The planned deployment for the Naval Postgraduate School in Monterrey, with integrated AT&T 5G capabilities, further emphasizes its potential military applications. This technology could revolutionize offshore surveillance and communication systems, providing a sustainable, low-maintenance solution for extended maritime missions. The buoy's ability to maintain operations during hurricanes and tropical storms is particularly valuable for military applications requiring consistent performance in extreme conditions.

Financial Analyst

From a financial perspective, the successful testing of OPT's Next Generation PowerBuoy® represents a positive milestone for the company. The demonstrated reliability and performance of the system, especially in harsh conditions, could lead to increased market confidence and potential new contracts. The upcoming deployment for the Naval Postgraduate School indicates traction in the lucrative defense sector, which could open doors to substantial government contracts. However, investors should note that while this news is promising, it's important to monitor the company's ability to translate these technological achievements into revenue growth and profitability. The integration of cutting-edge features like AI capabilities and 5G connectivity could provide OPT with a competitive edge in the marine power solutions market, potentially driving long-term value for shareholders.

Exceeds four months of deployment with Merrows™ equipped system

MONROE TOWNSHIP, N.J., Sept. 05, 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 completed more than four months of offshore testing of its Next Generation PowerBuoy^® (“PB”) in the Atlantic Ocean off New Jersey. The solar and wind power equipped Next Generation PB was equipped with OPT’s proprietary Artificial Intelligence capable Merrows™ suite of solutions. The system maintained 100% data uptime and the state of charge of the batteries remained over 90% throughout the deployment. During the deployment, several Intelligence, Surveillance, and Reconnaissance demonstrations for potential customers were completed.

Having operated offshore during Hurricane Ernesto and Tropical Storm Debby, the system is now back at the OPT facility for integration of the subsea connectors and AT&T’s 5G system that are part of the previously announced deployment for the Naval Postgraduate School in Monterrey. Once all permits are received and factory acceptance testing is complete, the system will be moved to California for installation.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "We are thrilled to announce the successful completion of offshore testing for our solar and wind power capable Next Generation PowerBuoy^®, which forms the backbone of our AI-capable Merrows ocean intelligence platform. Achieving 100% data uptime during testing is a testament to the robustness and reliability of our technology, designed to operate in the most challenging marine environments. We are excited to take the next step and deliver this groundbreaking system to NPS , marking a significant milestone in advancing sustainable ocean monitoring solutions.”

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, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking marine 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 success of the Next Generation PowerBuoy^®, 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 was the duration of Ocean Power Technologies' (OPTT) offshore testing for the Next Generation PowerBuoy®?

Ocean Power Technologies (OPTT) completed over four months of offshore testing for its Next Generation PowerBuoy® in the Atlantic Ocean off New Jersey.

What performance metrics did OPTT's Next Generation PowerBuoy® achieve during testing?

OPTT's Next Generation PowerBuoy® maintained 100% data uptime and kept the battery state of charge over 90% throughout the deployment period.

How did OPTT's PowerBuoy® perform during extreme weather conditions?

OPTT's PowerBuoy® demonstrated resilience by operating successfully offshore during Hurricane Ernesto and Tropical Storm Debby.

What is the next step for OPTT's Next Generation PowerBuoy® after offshore testing?

The Next Generation PowerBuoy® is being prepared for deployment at the Naval Postgraduate School in Monterrey, California, pending permits and factory acceptance testing.

What technologies are being integrated into OPTT's PowerBuoy® for the Naval Postgraduate School deployment?

OPTT is integrating subsea connectors and AT&T's 5G system into the PowerBuoy® for the Naval Postgraduate School deployment.