Ocean Power Technologies Demonstrates Multi-Day Advanced Remote Survey Capabilities

Rhea-AI Summary

Ocean Power Technologies (NYSE: OPTT) has successfully completed major exercises in California, demonstrating the autonomous capabilities of their WAM-V technology for extended offshore operations. The breakthrough achievement shows the WAM-V 22's ability to conduct multi-day seabed surveys without returning to base.

The system demonstrated real-time hydrographic and survey data collection capabilities while maintaining persistent sea presence. The enhanced WAM-V design now enables full operations over extended time periods, representing a significant advancement in autonomous maritime technology.

According to CEO Philipp Stratmann, this achievement marks a groundbreaking milestone for OPT, enabling new operating approaches and enhanced efficiencies for customers while opening up new market opportunities. The extended operational capability is specifically designed to support longer and more power-intensive requirements while hosting various offshore instrumentation.

Completion of Exercises in California Illustrates Cost Efficient Autonomous Ocean Intelligence at Scale

MONROE TOWNSHIP, N.J., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed a major set of exercises in California and successfully demonstrated the autonomous capability of the WAM-V to provide offshore survey capabilities for multiple days without needing to return to base.

During the exercises, the WAM-V 22 operated for several days while hosting a complete seabed survey payload providing real time hydrographic and survey data collection. This multi-day operational capability is designed to offer greater persistence at sea while hosting an array of offshore instrumentation for longer and more power intensive requirements.

Philipp Stratmann, CEO of Ocean Power Technologies, commented, "This is a groundbreaking milestone for OPT. The technological capabilities of our WAM-Vs can now be deployed for multiple days in over the horizon operations. Having previously demonstrated the ability to deploy for multiple days, the recently implemented design changes now enable full operations over extended time periods. This opens up entirely new operating approaches for our customers, leading to enhanced efficiencies and opening up new markets for OPT."

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 the delivery of customer services over extended timeframes, 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 new capabilities did OPTT demonstrate in their California exercises?

OPTT demonstrated the WAM-V's ability to conduct autonomous seabed surveys over multiple days without returning to base, providing real-time hydrographic and survey data collection.

How long can OPTT's WAM-V 22 operate continuously at sea?

The WAM-V 22 demonstrated the ability to operate for several days continuously while maintaining full operational capabilities and hosting complete seabed survey payloads.

What technological improvements were made to OPTT's WAM-V system?

Recent design changes enable the WAM-V to conduct full operations over extended time periods, supporting longer and more power-intensive requirements while hosting various offshore instrumentation.

How does OPTT's new WAM-V capability benefit their customers?

The extended operational capability enables new operating approaches, leading to enhanced efficiencies and opening up new markets while allowing customers to conduct longer-duration offshore surveys more cost-effectively.