Ocean Power Technologies Expands in Latin America with Reseller Agreement in Costa Rica
Ocean Power Technologies (NYSE American: OPTT) has signed a reseller agreement with Geos Telecom, a leading maritime communication and navigation solutions provider in Costa Rica. This partnership marks OPT's expansion into the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel). The agreement is expected to drive near-term growth of PowerBuoy systems and WAM-Vs in response to regional demand.
CEO Philipp Stratmann emphasized that this collaboration enhances OPT's footprint in Latin America and enables the delivery of advanced USV capabilities to a new customer base. The immediate WAM-V sale highlights the growing demand for OPT's technology and supports their mission to provide innovative solutions for safer, cleaner, and more productive ocean operations.
Ocean Power Technologies (NYSE American: OPTT) ha firmato un accordo di rivendita con Geos Telecom, un fornitore leader di soluzioni di comunicazione e navigazione marittima in Costa Rica. Questa partnership segna l'espansione di OPT nel mercato dell'America Latina e prevede la vendita immediata di un WAM-V (Wave Adaptive Modular Vessel). Si prevede che l'accordo favorisca una crescita a breve termine dei sistemi PowerBuoy e dei WAM-V in risposta alla domanda regionale.
Il CEO Philipp Stratmann ha sottolineato che questa collaborazione aumenta la presenza di OPT in America Latina e consente la fornitura di capacità USV avanzate a una nuova base clienti. La vendita immediata del WAM-V evidenzia la crescente domanda per la tecnologia di OPT e sostiene la loro missione di fornire soluzioni innovative per operazioni oceaniche più sicure, pulite e produttive.
Ocean Power Technologies (NYSE American: OPTT) ha firmado un acuerdo de reventa con Geos Telecom, un proveedor líder de soluciones de comunicación y navegación marítima en Costa Rica. Esta asociación marca la expansión de OPT en el mercado latinoamericano e incluye la venta inmediata de un WAM-V (Wave Adaptive Modular Vessel). Se espera que el acuerdo impulse el crecimiento a corto plazo de los sistemas PowerBuoy y WAM-V en respuesta a la demanda regional.
El CEO Philipp Stratmann enfatizó que esta colaboración mejora la presencia de OPT en América Latina y permite la entrega de capacidades USV avanzadas a una nueva base de clientes. La venta inmediata del WAM-V destaca la creciente demanda por la tecnología de OPT y respalda su misión de proporcionar soluciones innovadoras para operaciones oceánicas más seguras, limpias y productivas.
오션 파워 테크놀로지스 (NYSE American: OPTT)는 코스타리카의 선도적인 해양 통신 및 항법 솔루션 제공업체인 Geos Telecom과 리셀러 계약을 체결했습니다. 이번 파트너십은 OPT가 라틴 아메리카 시장으로 확장하는 것을 의미합니다 및 WAM-V (파도 적응형 모듈형 선박)의 즉각적인 판매를 포함합니다. 이 계약은 지역 수요에 대응하여 PowerBuoy 시스템 및 WAM-V의 단기 성장을 이끌 것으로 예상됩니다.
CEO 필립 스트랫만(Philipp Stratmann)은 이번 협력으로 OPT의 라틴 아메리카 입지가 강화되고 새로운 고객층에 첨단 USV 기능을 제공할 수 있게 되었다고 강조했습니다. 즉각적인 WAM-V 판매는 OPT 기술에 대한 증가하는 수요를 강조하며, 더 안전하고 청정하며 생산적인 해양 작업을 위한 혁신적인 솔루션을 제공하려는 그들의 임무를 지지합니다.
Ocean Power Technologies (NYSE American: OPTT) a signé un accord de revendeur avec Geos Telecom, un fournisseur leader de solutions de communication et de navigation maritime au Costa Rica. Ce partenariat marque l'expansion d'OPT sur le marché latino-américain et prévoit la vente immédiate d'un WAM-V (Vaisseau Modulaire Adaptatif aux Vagues). L'accord devrait stimuler la croissance à court terme des systèmes PowerBuoy et des WAM-V en réponse à la demande régionale.
Le PDG Philipp Stratmann a souligné que cette collaboration renforce la présence d'OPT en Amérique Latine et permet la livraison de capacités USV avancées à une nouvelle clientèle. La vente immédiate du WAM-V souligne la demande croissante pour la technologie d'OPT et soutient leur mission de fournir des solutions innovantes pour des opérations océaniques plus sûres, plus propres et plus productives.
Ocean Power Technologies (NYSE American: OPTT) hat eine Wiederverkäufervereinbarung mit Geos Telecom unterzeichnet, einem führenden Anbieter von maritimen Kommunikations- und Navigationslösungen in Costa Rica. Diese Partnerschaft markiert die Expansion von OPT in den lateinamerikanischen Markt und beinhaltet den sofortigen Verkauf eines WAM-V (Wave Adaptive Modular Vessel). Es wird erwartet, dass die Vereinbarung das kurzfristige Wachstum der PowerBuoy-Systeme und WAM-Vs in Reaktion auf die regionale Nachfrage antreibt.
CEO Philipp Stratmann betonte, dass diese Zusammenarbeit OPTs Präsenz in Lateinamerika stärkt und die Lieferung fortschrittlicher USV-Funktionen an eine neue Kundengruppe ermöglicht. Der sofortige Verkauf des WAM-V hebt die wachsende Nachfrage nach OPTs Technologie hervor und unterstützt ihre Mission, innovative Lösungen für sicherere, sauberere und produktivere marine Operationen bereitzustellen.
- Expansion into Latin American market through reseller agreement with Geos Telecom in Costa Rica
- Immediate sale of a WAM-V (Wave Adaptive Modular Vessel)
- Anticipated near-term growth of PowerBuoy systems and WAM-Vs in the region
- None.
Insights
Ocean Power Technologies' (OPT) expansion into Latin America through a reseller agreement with Geos Telecom in Costa Rica represents a strategic move to tap into a growing market. This partnership could potentially open doors for OPT in other Latin American countries, signaling a broader regional expansion strategy.
The immediate sale of a WAM-V (Wave Adaptive Modular Vessel) is particularly noteworthy, as it indicates existing demand for OPT's technology in the region. This quick win could serve as a proof of concept for other potential customers in Costa Rica and neighboring countries.
However, investors should consider that while this expansion is promising, it's still in its early stages. The real test will be in the sustained demand for OPT's products, particularly the PowerBuoy systems, which weren't part of the initial sale. The company's ability to leverage Geos Telecom's local expertise and network will be important for long-term success in this market.
From a financial perspective, while the immediate impact may be , this move could potentially diversify OPT's revenue streams and reduce dependence on any single market. It's a positive step towards expanding the company's global footprint, which could appeal to investors looking for growth potential in the renewable energy sector.
The partnership between Ocean Power Technologies (OPT) and Geos Telecom brings together two complementary technological portfolios. OPT's expertise in marine power and data solutions, combined with Geos Telecom's strength in maritime communication and navigation, could lead to innovative integrated solutions for the Latin American market.
The WAM-V (Wave Adaptive Modular Vessel) technology is particularly intriguing. These unmanned surface vehicles (USVs) are designed to operate in challenging ocean environments, making them well-suited for various applications such as ocean monitoring, offshore inspections and even defense operations. The immediate sale of a WAM-V suggests that there's already a specific use case identified in Costa Rica, which could pave the way for further adoptions.
Looking ahead, the potential integration of OPT's PowerBuoy systems with WAM-Vs could create a powerful synergy for autonomous ocean operations. PowerBuoys could serve as charging stations or data relay points for WAM-Vs, enabling longer-duration missions and real-time data transmission. This combination could be particularly valuable in Costa Rica's marine protected areas or for monitoring its extensive coastlines.
However, it's important to note that the adoption of such advanced marine technologies may face regulatory hurdles or require specialized training for operators. OPT and Geos Telecom will need to work closely with local authorities to ensure smooth deployment and operation of these systems.
Includes Completion of First WAM-V Order
MONROE TOWNSHIP, N.J., July 30, 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, is thrilled to announce the signing of a reseller agreement with Geos Telecom, a prominent provider of maritime communication and navigation solutions in Costa Rica. This partnership marks a significant expansion of OPT’s presence in the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel) with anticipated near-term continued growth of PowerBuoy systems and WAM-V’s in support of regional demand.
Philipp Stratmann, CEO of OPT, commented on the new partnership: "We are excited to collaborate with Geos Telecom as our strategic reseller in Costa Rica. We believe this agreement not only enhances our footprint in Latin America but also enables us to deliver advanced USV capabilities to a new customer base. The immediate sale of a WAM-V underscores the growing demand for our technology and supports our mission to provide innovative solutions for safer, cleaner, and more productive ocean operations."
For additional information about OPT and its services, please visit our website Ocean Power Technologies. For more details about Geos Telecom and its offerings, please visit their website Geos Telecom.
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. 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, 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 success with our new partner, Geos Telecom, the delivery of customers services and 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.
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