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Ocean Power Technologies, Inc. (NASDAQ: OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave-based power generation and management technology. The company’s flagship product, the PowerBuoy® system, integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. This results in a leading-edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations. Its core markets include defense and security, oil and gas, science and research, and offshore wind. The company’s offerings encompass ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS). Additionally, OPT provides WAM-V® autonomous surface vessels (ASVs) and marine robotics services.
Recent achievements include several successful customer field demonstrations that showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the PowerBuoy. These demonstrations have positioned OPT uniquely in the market, bypassing lengthy paper studies and accelerating the sales cycle. The company has also completed deployments across various seas, including the Atlantic, Pacific, Mediterranean, and North Sea, achieving approximately 15MWh of renewable energy production.
The company has expanded its operational footprint globally, with activities in North and South America, Europe, Asia, and Australia. OPT has forged partnerships with several notable customers, including ENI, EGP, the Office of Naval Research, and the DeepStar consortium. The company is also expanding into the Middle East and Africa, offering its integrated Merrows solution and other technologies.
Ocean Power Technologies continues to provide innovative solutions, contributing to the growth of marine renewable energy and enhancing oceanic operations with clean, reliable power and advanced data communications. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, OPT remains at the forefront of marine technology innovation.
Ocean Power Technologies (NYSE American: OPTT), a leading provider of low-carbon marine power and data solutions, will participate in a 'Fireside Chat' hosted by Water Tower Research on July 17, 2024, at 11:00 a.m. ET. During the event, CEO Dr. Philipp Stratmann will discuss the company's strategies and investments in growth and commercialization opportunities. This session is part of OPT's ongoing efforts to engage with investors and provide updates on their mission to enhance ocean sustainability and safety. Interested parties can register for this listen-only event via the provided link. A replay will be available on OPT's website.
Ocean Power Technologies (NYSE American: OPTT) announced the signing of a Memorandum of Understanding (MOU) with AltaSea at the Port of Los Angeles. This partnership aims to explore opportunities within the Blue Economy, focusing on marine energy and related technologies. OPT plans to stage its renewable energy PowerBuoys and WAM-V unmanned surface vehicles at AltaSea for various projects in the Pacific Ocean. Both organizations emphasize the potential of marine energy in California, especially as the state works towards its clean energy goals. This collaboration could significantly impact the industry statewide.
Ocean Power Technologies (NYSE American: OPTT) has signed a reseller agreement with Survey Equipment Services (SES) to provide Unmanned Surface Vehicles (USV), specifically the WAM-Vs, in the USA. This agreement includes immediate sales and provisions for operators, with SES securing a WAM-V for demonstrations and ongoing support. Philipp Stratmann, OPT's CEO, highlighted the partnership's potential to leverage SES's expertise in marine survey and navigation equipment, expanding OPT's customer base and revenue streams. For more details, visit the websites of Ocean Power Technologies and Survey Equipment Services.
Ocean Power Technologies (NYSE American: OPTT) has announced a partnership with Unique Group, a UAE-based leader in subsea technologies and engineering, to deploy OPT's WAM-V Unmanned Surface Vehicles (USV) in the UAE and other GCC countries. This collaboration aims to accelerate the adoption of USVs in the offshore energy sector in the region. Unique Group's extensive local industry knowledge and 20 operational bases will facilitate efficient maintenance and services. OPT's CEO, Philipp Stratmann, highlighted the significance of this partnership in expanding their global USV deployment. Additionally, Unique Group's Jack Dougherty emphasized the commitment to developing a GCC-specific WAM-V 22 vessel that meets stringent safety and environmental regulations.
Ocean Power Technologies (NYSE American: OPTT) has signed an OEM agreement with Teledyne Marine, a division of Teledyne Technologies (NYSE: TDY). This strategic partnership aims to enhance OPT's product offerings and drive innovation in marine technology. The collaboration will leverage Teledyne's advanced maritime technologies, including connectors, instruments, and vehicles, to deliver superior sensor and ocean technology products. OPT's CEO, Philipp Stratmann, expressed confidence that this partnership will accelerate the company's growth and create new revenue streams. Teledyne Marine's SVP, William Egan, emphasized that the partnership aligns with their goal of expanding operational capabilities through cutting-edge technology.
Ocean Power Technologies (NYSE American: OPTT) has reached an agreement in principle for a sole-source contract to deliver multiple WAM-Vs to a US Government department. This firm-fixed-price purchase order, finalized on a noncompetitive basis, will recognize revenue ratably over the contract term with an expected near-term delivery. Although specific terms are undisclosed, this deal adds to the company’s recent success in deploying its PowerBuoys and vehicles for maritime security in various regions, including North America and the Middle East. CEO Philipp Stratmann highlighted the strategic importance of this contract in enhancing ocean security using cost-efficient unmanned surface vehicles.
Ocean Power Technologies (NYSE American: OPTT) has been chosen as the preferred supplier for delivering a PowerBuoy equipped with Merrows, an AI-capable Maritime Domain Awareness Solution, to the Middle East. This contract, set for immediate delivery, is expected to generate revenue in the current quarter. Due to confidentiality, specific contract details remain undisclosed. The announcement follows the completion of engineering for Merrows in hot climates, highlighting significant progress in the region. CEO Philipp Stratmann expressed optimism about the opportunities in the Middle East, emphasizing the potential for integrating additional WAM-Vs and PowerBuoys into customer operations.
Ocean Power Technologies (NYSE American: OPTT) has launched a Global 24/7 Service Support offering, aimed at providing round-the-clock support for its marine power and data solutions. This service extends to the company’s Artificial Intelligence Capable Maritime Domain Awareness Solution, Merrows, already active in Latin America and Sub-Saharan Africa. The company also anticipates expanding deployments of its PowerBuoys and WAM-Vs in the Middle East. This new service is expected to create a recurring revenue stream, supplementing existing products and positioning the company for further growth. CEO Philipp Stratman highlighted the importance of offering customizable support options to meet customer needs, ultimately driving additional recurring revenue.
Ocean Power Technologies (NYSE: OPTT) has successfully delivered the first set of new WAM-Vs unmanned surface vehicles to Sulmara, under a $1.6 million contract. This achievement marks a significant contractual milestone and initiates lease payments. CEO Philipp Stratmann highlighted the company's ability to execute and transform pipeline projects into revenue streams. The partnership with Sulmara aims to support renewable and autonomous services in the global offshore energy sector. This milestone is expected to pave the way for future deliveries and new deployment opportunities.
Paragon Technologies, a major shareholder of Ocean Power Technologies (OPTT), has expressed serious concerns about OPT's refusal to engage in good faith discussions regarding a $3 million investment offer. Paragon proposed this investment in April 2024, which included dropping existing lawsuits against OPT. However, OPT's Board has made unreasonable demands and continues to issue vague press releases about partnerships and testing studies that lack clear financial impact.
OPT's recent SEC filing claimed it would achieve positive cash flow in 2025, but without specific accountability. Despite increased trading volume, OPT's share price has dropped by 50% over the past three months and over 90% since 2021. Paragon criticizes OPT for diluting shareholders by selling additional shares at low prices while failing to deliver transparent financial information. Paragon urges OPT's CEO to address the company's true financial state and the impact of recent actions on achieving profitability.
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