Ocean Power Technologies Enters New Market with WAM-V® Sale for a Mining Deployment in Latin America
Ocean Power Technologies (NYSE: OPTT) has announced the sale of a Wave Adaptive Modular Vessel (WAM-V®) to an undisclosed mining customer in Latin America, marking its expansion into a new industry sector. The WAM-V® will be utilized for bathymetry surveys related to mining operations.
The sale represents a strategic milestone for OPT, demonstrating the versatility of their autonomous surface vessel (ASV) technology beyond traditional markets. The WAM-V® platform is notable for its stability, lightweight design, and modular architecture, enabling quick adaptation to various mission requirements. It can be launched from almost anywhere and operate in diverse sea conditions with minimal environmental impact.
CEO Philipp Stratmann emphasized that this deployment showcases the WAM-V®'s adaptability for both offshore and onshore applications where floating systems are required.
Ocean Power Technologies (NYSE: OPTT) ha annunciato la vendita di un Wave Adaptive Modular Vessel (WAM-V®) a un cliente minerario non divulgato in America Latina, segnando la sua espansione in un nuovo settore industriale. Il WAM-V® sarà utilizzato per sondaggi batimetrici legati alle operazioni minerarie.
La vendita rappresenta un traguardo strategico per OPT, dimostrando la versatilità della loro tecnologia di nave autonoma di superficie (ASV) al di là dei mercati tradizionali. La piattaforma WAM-V® è notevole per la sua stabilità, design leggero e architettura modulare, che consente un rapido adattamento a vari requisiti di missione. Può essere lanciato praticamente da qualsiasi luogo e operare in diverse condizioni marine con un impatto ambientale minimo.
Il CEO Philipp Stratmann ha sottolineato che questa implementazione dimostra l'adattabilità del WAM-V® per applicazioni sia offshore che onshore dove sono richiesti sistemi galleggianti.
Ocean Power Technologies (NYSE: OPTT) ha anunciado la venta de un Wave Adaptive Modular Vessel (WAM-V®) a un cliente minero no revelado en América Latina, marcando su expansión en un nuevo sector industrial. El WAM-V® se utilizará para encuestas batimétricas relacionadas con las operaciones mineras.
La venta representa un hito estratégico para OPT, demostrando la versatilidad de su tecnología de embarcación de superficie autónoma (ASV) más allá de los mercados tradicionales. La plataforma WAM-V® es notable por su estabilidad, diseño ligero y arquitectura modular, permitiendo una rápida adaptación a varios requisitos de misión. Puede ser lanzada desde casi cualquier lugar y operar en diversas condiciones marítimas con un impacto ambiental mínimo.
El CEO Philipp Stratmann enfatizó que este despliegue muestra la adaptabilidad del WAM-V® para aplicaciones tanto en alta mar como en tierra donde se requieren sistemas flotantes.
오션 파워 테크놀로지스 (NYSE: OPTT)는 라틴 아메리카의 비공식 광산 고객에게 파도 적응형 모듈 선박 (WAM-V®)의 판매를 발표하며 새로운 산업 부문으로의 확장을 알렸습니다. WAM-V®는 광산 작업과 관련된 수심 측량에 사용될 것입니다.
이번 판매는 OPT에게 전략적 이정표를 의미하며, 전통적인 시장을 넘어 자율 표면 선박 (ASV) 기술의 다양성을 보여줍니다. WAM-V® 플랫폼은 안정성, 경량 설계 및 모듈식 구조로 주목받으며, 다양한 임무 요구 사항에 신속하게 적응할 수 있습니다. 거의 모든 곳에서 발사할 수 있으며, 다양한 해양 조건에서 최소한의 환경 영향을 미치며 작동할 수 있습니다.
CEO 필립 스트랫만은 이번 배치가 떠 있는 시스템이 필요한 해양 및 육상 응용 분야에서 WAM-V®의 적응성을 보여준다고 강조했습니다.
Ocean Power Technologies (NYSE: OPTT) a annoncé la vente d'un Wave Adaptive Modular Vessel (WAM-V®) à un client minier non divulgué en Amérique Latine, marquant son expansion dans un nouveau secteur industriel. Le WAM-V® sera utilisé pour des études bathymétriques liées aux opérations minières.
La vente représente une étape stratégique pour OPT, démontrant la polyvalence de leur technologie de navire de surface autonome (ASV) au-delà des marchés traditionnels. La plateforme WAM-V® est remarquable pour sa stabilité, son design léger et son architecture modulaire, permettant une adaptation rapide à diverses exigences de mission. Elle peut être lancée depuis presque n'importe où et fonctionner dans diverses conditions maritimes avec un impact environnemental minimal.
Le PDG Philipp Stratmann a souligné que ce déploiement met en avant l'adaptabilité du WAM-V® pour des applications en mer et à terre où des systèmes flottants sont nécessaires.
Ocean Power Technologies (NYSE: OPTT) hat den Verkauf eines Wave Adaptive Modular Vessel (WAM-V®) an einen nicht genannten Bergbaukunden in Lateinamerika angekündigt, was die Expansion in einen neuen Industriesektor markiert. Das WAM-V® wird für bathymetrische Untersuchungen im Zusammenhang mit Bergbauoperationen eingesetzt.
Der Verkauf stellt einen strategischen Meilenstein für OPT dar und zeigt die Vielseitigkeit ihrer autonomen Oberflächenfahrzeugtechnologie (ASV) über traditionelle Märkte hinaus. Die WAM-V®-Plattform ist bemerkenswert für ihre Stabilität, ihr leichtes Design und ihre modulare Architektur, die eine schnelle Anpassung an verschiedene Missionsanforderungen ermöglicht. Sie kann von fast überall aus gestartet werden und in unterschiedlichen Seezuständen mit minimalen Umweltauswirkungen betrieben werden.
CEO Philipp Stratmann betonte, dass dieser Einsatz die Anpassungsfähigkeit des WAM-V® für sowohl Offshore- als auch Onshore-Anwendungen zeigt, bei denen schwimmende Systeme erforderlich sind.
- Expansion into new market sector (mining industry) demonstrates product versatility
- Strategic entry into Latin American market shows geographical expansion
- WAM-V® technology proves adaptable for both offshore and onshore applications
- Customer identity undisclosed, limiting assessment of deal significance
- No financial terms or contract value disclosed
Insights
OPT's expansion into the mining sector with its WAM-V technology represents a significant application diversification. The company is leveraging the WAM-V's core advantages - stability, lightweight design, and modular architecture - to serve bathymetry survey needs in an entirely different industry context.
Bathymetry surveying is crucial for mining operations near water bodies, providing detailed underwater topographic mapping that supports both operational planning and environmental monitoring. The WAM-V's ability to launch from almost anywhere and operate in various sea conditions makes it particularly suitable for mining applications where water access points may be or challenging.
What's technically noteworthy is how the WAM-V's inherent design flexibility enables this cross-industry application. The platform's modular architecture allows for mission-specific customization while maintaining the vessel's fundamental operational benefits. This adaptability to both offshore and onshore applications demonstrates the technology's versatility beyond traditional maritime use cases.
This deployment highlights how autonomous surface vessel technology originally developed for marine environments can be effectively repurposed for specialized industrial applications where water-based data collection is required. The minimal environmental impact feature of the WAM-V is likely particularly valuable in mining contexts where environmental considerations are increasingly important.
This Latin American mining sector sale represents a strategic market expansion for Ocean Power Technologies beyond its traditional customer base. While the financial terms remain undisclosed, the significance lies in OPT's successful penetration of an entirely new industry vertical, demonstrating the commercial versatility of their WAM-V technology.
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CEO Philipp Stratmann's characterization of this as a "major milestone" suggests the company views this not merely as a one-off sale but as the beginning of a strategic push into new sectors. The emphasis on supporting projects "whether operating onshore or offshore" signals a broadening of OPT's market positioning beyond purely maritime applications.
Investors should note this represents execution on business diversification, potentially reducing cyclicality risk by serving different industry verticals. While a single sale won't transform OPT's financial profile immediately, establishing a foothold in mining creates a foundation for additional sales in this sector. The company's ability to adapt its technology to new use cases demonstrates product-market fit flexibility that could be valuable for long-term growth.
MONROE TOWNSHIP, N.J., March 25, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “Company”) (NYSE American: OPTT), a leader in innovative maritime solutions, today announced the sale of a Wave Adaptive Modular Vessel (WAM-V®) to a new customer in Latin America, for an onshore mining industry application, marking a significant expansion into a new industry.
This latest sale underscores OPT’s commitment to delivering cutting-edge autonomous surface vessel (ASV) technology to industries beyond its traditional markets. The customer, whose identity remains undisclosed for confidentiality reasons, operates in the mining sector and will utilize the WAM-V® for bathymetry surveys related to the mining industry. This application demonstrates the WAM-V® adaptability to evolving needs both offshore and onshore.
“This sale represents a major milestone for OPT as we continue to expand the applications of our WAM-V® technology across new industries and geographies,” said Philipp Stratmann, CEO at Ocean Power Technologies. “The flexibility and reliability of the WAM-V® platform makes it an ideal solution for a broad range of missions and industries. We are excited to support our new Latin American partner with state-of-the-art autonomous technology tailored to their operational needs. Whether you are operating onshore or offshore, as long as there is a need for a floating system, OPT is ready to support your projects.”
The WAM-V® is renowned for its stability, lightweight design, and modular architecture, allowing for quick adaptation to a variety of mission requirements. Its ability to launch from almost anywhere and operate in a range of sea conditions with minimal environmental impact makes it an attractive choice for industries seeking cost-effective and efficient ASV solutions.
As OPT continues to expand globally, this transaction highlights the increasing demand for autonomous maritime technologies in new sectors and regions. The Company remains committed to innovation and collaboration, helping organizations worldwide harness the power of autonomy for enhanced operational efficiency.
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. 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 WAM-V® operations with the new Latin America customer and other existing customers, 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.
CONTACT INFORMATION Investors: 203-561-6945 or investorrelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
FAQ
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