Ocean Power Technologies Secures Order for Fully Integrated WAM-V from a Major European Offshore Services Provider
Ocean Power Technologies (NYSE: OPTT) has secured a new contract from a European Offshore Services Provider for a fully integrated WAM-V® unmanned surface vehicle (USV). The contract marks OPTT's expansion into the European Union market, adding to its presence in the United States, Latin America, and the Middle East.
The company will begin immediate assembly of the WAM-V® for near-term delivery, with training and services to be provided in the customer's country. CEO Philipp Stratmann highlighted that this contract demonstrates market demand for their systems, particularly in defense, security, autonomous survey, and offshore construction applications.
Ocean Power Technologies (NYSE: OPTT) ha ottenuto un nuovo contratto da un fornitore di servizi offshore europeo per un veicolo di superficie senza equipaggio (USV) WAM-V® completamente integrato. Il contratto segna l'espansione di OPTT nel mercato dell'Unione Europea, ampliando la sua presenza negli Stati Uniti, in America Latina e nel Medio Oriente.
La società inizierà subito l'assemblaggio del WAM-V® per una consegna a breve termine, con formazione e servizi che saranno forniti nel paese del cliente. Il CEO Philipp Stratmann ha sottolineato che questo contratto dimostra la domanda di mercato per i loro sistemi, in particolare nelle applicazioni di difesa, sicurezza, indagini autonome e costruzione offshore.
Ocean Power Technologies (NYSE: OPTT) ha asegurado un nuevo contrato de un proveedor de servicios offshore europeo para un vehículo de superficie no tripulado (USV) WAM-V® completamente integrado. El contrato marca la expansión de OPTT en el mercado de la Unión Europea, sumando a su presencia en Estados Unidos, América Latina y Oriente Medio.
La empresa comenzará de inmediato el ensamblaje del WAM-V® para una entrega a corto plazo, con capacitación y servicios que se proporcionarán en el país del cliente. El CEO Philipp Stratmann destacó que este contrato demuestra la demanda del mercado por sus sistemas, particularmente en aplicaciones de defensa, seguridad, encuestas autónomas y construcción offshore.
오션 파워 테크놀로지스 (NYSE: OPTT)는 유럽의 해양 서비스 제공업체로부터 완전 통합된 WAM-V® 무인 수상 차량(USV)에 대한 새로운 계약을 체결했습니다. 이 계약은 OPTT의 유럽 연합 시장으로의 확장을 의미하며, 미국, 라틴 아메리카 및 중동에서의 존재감을 더하고 있습니다.
회사는 즉시 WAM-V®의 조립을 시작하여 단기 배송을 준비하며, 고객의 국가에서 교육 및 서비스를 제공할 예정입니다. CEO 필립 스트랫만은 이 계약이 방어, 보안, 자율 조사 및 해양 건설 응용 프로그램에서 그들의 시스템에 대한 시장 수요를 보여준다고 강조했습니다.
Ocean Power Technologies (NYSE: OPTT) a obtenu un nouveau contrat d'un fournisseur de services offshore européen pour un véhicule de surface sans pilote (USV) WAM-V® entièrement intégré. Ce contrat marque l'expansion d'OPTT sur le marché de l'Union Européenne, ajoutant à sa présence aux États-Unis, en Amérique Latine et au Moyen-Orient.
L'entreprise commencera immédiatement l'assemblage du WAM-V® pour une livraison à court terme, avec formation et services fournis dans le pays du client. Le PDG Philipp Stratmann a souligné que ce contrat démontre la demande du marché pour leurs systèmes, en particulier dans les applications de défense, de sécurité, d'enquête autonome et de construction offshore.
Ocean Power Technologies (NYSE: OPTT) hat einen neuen Vertrag von einem europäischen Offshore-Dienstleister für ein vollständig integriertes WAM-V® unbemanntes Oberflächenfahrzeug (USV) gesichert. Der Vertrag markiert die Expansion von OPTT in den Markt der Europäischen Union und erweitert die Präsenz in den Vereinigten Staaten, Lateinamerika und dem Nahen Osten.
Das Unternehmen wird umgehend mit der Montage des WAM-V® für eine kurzfristige Lieferung beginnen, wobei Schulungen und Dienstleistungen im Land des Kunden bereitgestellt werden. CEO Philipp Stratmann hob hervor, dass dieser Vertrag die Marktnachfrage nach ihren Systemen, insbesondere in den Bereichen Verteidigung, Sicherheit, autonome Erhebung und Offshore-Bauanwendungen, verdeutlicht.
- Secured new contract for WAM-V system from European customer
- Geographic expansion into European Union market
- Immediate conversion of pipeline to backlog
- None.
OPT begins assembly on USV immediately.
MONROE TOWNSHIP, N.J., March 13, 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 it has secured a contract from a new European Offshore Services Provider for a fully integrated WAM-V® for near term delivery. This contract expands the Company’s previously announced expansion into certain regions to the European Union, working with end customers and resellers. The vehicle will be assembled immediately and shipped to the customer. Training and services will be provided in-country.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this contract, stating, "Securing this contract is testament to demand for our systems in the market. Recent efforts globally, whether focused on defense and security or autonomous survey and offshore construction, are continuing to drive interest in our systems. We continue to convert pipeline to backlog and deliver further growth. We look forward to future deliveries and additional opportunities to deploy our assets to our customer base here in the United States and to our partners in Latin America, the Middle East, and now also to the European Union, and other allied nations."
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 and 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
What is the significance of OPTT's new WAM-V contract with the European provider?
When will OPTT deliver the WAM-V system to the European customer?
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What applications will the OPTT WAM-V system be used for?
