Ocean Power Technologies Secures $2 Million in Purchase Orders for PowerBuoys® in Latin America

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has secured $2 million in purchase orders for Next Generation PowerBuoys® in Latin America. These PowerBuoys® combine wave, solar, and wind power generation capabilities and can be deployed in various water depths from coastal to deep ocean.

The systems support both above and below-surface payloads and can be equipped with various communication solutions. This order follows recent growth in WAM-V solutions in the region, enabling customers to add permanent monitoring and marine intelligence solutions to their existing roaming capabilities.

According to CEO Philipp Stratmann, this expansion strengthens OPT's position in Latin America and demonstrates the company's commitment to delivering marine intelligence solutions in the region.

Positive

• Secured new $2 million in purchase orders for PowerBuoys®
• Geographic expansion into Latin American market
• Integration of multiple power sources (wave, solar, wind) in Next Generation PowerBuoys®
• Building upon existing regional success with WAM-V solutions

Negative

• None.

Insights

Financial Analyst

The $2 million PowerBuoy® purchase orders from Latin America represent a strategic milestone for Ocean Power Technologies, demonstrating commercial traction in an emerging market. This deal carries particular significance as it amounts to roughly 2.15% of the company's current market capitalization, potentially indicating a meaningful revenue catalyst.

The strategic value extends beyond the immediate revenue impact. By integrating PowerBuoys® with their existing WAM-V presence in Latin America, OPT is creating an ecosystem of complementary solutions. This combination of mobile (WAM-V) and permanent (PowerBuoy) installations positions OPT to capture a larger share of the marine intelligence market by offering comprehensive monitoring solutions.

The Next Generation PowerBuoy's® hybrid power generation approach - combining wave, solar and wind power - provides a compelling competitive advantage in the marine power solutions market. This diversified power generation strategy enhances reliability and makes the solution suitable for various marine environments, from coastal to deep ocean deployments.

Looking ahead, this order could serve as a reference case for additional Latin American opportunities, where marine monitoring and intelligence solutions are increasingly critical for industries such as offshore energy, aquaculture and maritime security. The region's extensive coastline and growing maritime economy present substantial expansion potential for OPT's integrated solution portfolio.

OPT Expands Global Presence and Broadens Service Offerings

MONROE TOWNSHIP, N.J., Jan. 31, 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 a new partnership, with an initial $2 million of purchase orders in Latin America. The purchase orders are for OPT’s Next Generation PowerBuoys®, which utilize a combination of wave, solar, and wind power generation.

The Next Generation PowerBuoy® is a proven product that can be deployed for long durations in water depths ranging from coastal to deep ocean water and support payload above and below the surface. The systems can be equipped with a range of communication solutions This landmark order not only underscores the growing demand for OPT's innovative solutions but also solidifies the company's position as a leader in the marine intelligence and robotics industry.

Commenting on this significant achievement, Philipp Stratmann, President and CEO of Ocean Power Technologies, expressed his enthusiasm, stating, "We are thrilled to add PowerBuoys® to our offering in Latin America. This order builds on the growth of our WAM-V solutions that we have seen in this region recently. We believe adding PowerBuoys® will enable our customers to add permanent monitoring and marine intelligence solutions into the existing roaming capabilities we have started to deliver to the region. This order highlights our continued commitment to delivering unparalleled solutions to the region that redefine possibilities in marine intelligence."

With a proven track record of delivering state-of-the-art solutions tailored to meet the evolving needs of diverse industries, OPT remains at the forefront of innovation in the maritime sector. The company's dedication to excellence and customer satisfaction continues to drive its success, enabling it to forge strategic partnerships and expand its global footprint.

For more information about Ocean Power Technologies and their innovative solutions, 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 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. Actual results, including the performance of the PowerBuoys®, 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 is the value of OPTT's new PowerBuoy® purchase orders in Latin America?

Ocean Power Technologies (OPTT) secured $2 million in purchase orders for PowerBuoys® in Latin America.

What power sources does OPTT's Next Generation PowerBuoy® use?

OPTT's Next Generation PowerBuoy® utilizes a combination of wave, solar, and wind power generation.

Where can OPTT's Next Generation PowerBuoys® be deployed?

The Next Generation PowerBuoy® can be deployed in water depths ranging from coastal to deep ocean water.

How does the Latin American PowerBuoy® order complement OPTT's existing regional presence?

The PowerBuoy® order builds upon OPTT's existing WAM-V solutions in the region, adding permanent monitoring and marine intelligence capabilities to their roaming solutions.