Ocean Power Technologies, Inc. - OPTT STOCK NEWS

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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.

02/15/2024 11:00 AM

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Paragon Asks Ocean Power CEO Stratmann to Provide Shareholder Transparency to Recent Announcements - Believes Ocean Power Will Report Significant Losses in Upcoming Quarterly Earnings Release

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Paragon Technologies, Inc. calls on Ocean Power Technologies, Inc. CEO to provide transparency on recent order and funding announcements. OPT's financial data shows growing expenses and losses despite minimal revenue growth.

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02/14/2024 08:15 AM

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Ocean Power Technologies Receives Funding for AT&T 5G-Enabled PowerBuoy® Deployment in Monterey Bay

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Ocean Power Technologies (OPTT) partners with Naval Postgraduate School for a year-long deployment of a PowerBuoy® integrating cutting-edge technologies like AT&T 5G to showcase persistent surveillance and communication capabilities at sea.

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02/12/2024 04:15 PM

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Ocean Power Technologies Secures Orders Exceeding $1.25 Million for Fully Integrated WAM-V Unmanned Surface Vehicles

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Ocean Power Technologies, Inc. (NYSE American: OPTT) has received over $1.25 million in orders for its WAM-V Unmanned Surface Vehicles, showcasing the increasing demand for its advanced marine technologies in various applications. The company's commitment to innovation and sustainability has solidified its position as a leading provider in the industry.

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02/08/2024 09:10 PM

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Ocean Power Technologies Board Postpones Annual Meeting for a Second Time After Failing Yet Again to Obtain Enough Shareholder Votes - Paragon Asks Shareholders to Make Your Voice Heard by Disregarding OPT's White Proxy Card

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Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of its annual meeting and the company's failure to obtain a quorum. Paragon's investigation raises concerns about SEC rule violations. Paragon Chairman and CEO Sham Gad criticizes OPT's financial performance and board actions, highlighting a 90% decline in shareholder value since the appointment of the current CEO. He accuses the board of self-serving behavior and neglecting shareholder interests. Paragon urges shareholders to reject OPT's directors and executives, alleging entrenchment and misleading statements.

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02/08/2024 05:10 PM

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Ocean Power Technologies Announces Further Adjournment of 2023 Annual Meeting of Shareholders

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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced that the 2023 Annual Meeting of Shareholders was reconvened and adjourned due to the failure to reach the required quorum. Paragon Technologies, Inc. prevented its shares from being counted, forcing the company to incur additional costs and divert attention from enhancing shareholder value. The meeting will reconvene on February 28, 2024, and shareholders are urged to vote on the WHITE proxy card.

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02/02/2024 05:01 PM

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Paragon Urges Individual Investors to Stand Up to Corporate Greed, Entrenchment and Deception by Ignoring OPT's White Proxy Card

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Paragon Technologies, Inc. advises Ocean Power Technologies, Inc. (OPT) shareholders to disregard any communication from OPT soliciting their votes, as the company's Board postponed their annual meeting due to lack of shareholder support. Paragon, a diversified holding company, owns approximately 4.8% of OPT's outstanding shares.

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02/01/2024 09:15 AM

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Ocean Power Technologies Board Postpones Annual Meeting After Failing to Obtain Enough Shareholder Support to Achieve a Quorum; Vote Paragons’ BLUE Proxy Now to Save OPT

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Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of OPT's annual meeting due to the company's inability to obtain a quorum. The statement reflects shareholder disapproval of OPT's financial results and board actions. Paragon's books and records litigation against OPT has been confirmed by a judge, allowing Paragon to review materials relating to OPT's decision to adopt a poison pill and bylaw changes. The OPT board's decisions have had a significant cost on the company, leading to concerns about entrenchment and shareholder value. Shareholders are urged to revote the BLUE proxy instead of the white proxy to support change at the board level and change the direction of OPT's share price.

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01/31/2024 04:30 PM

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Ocean Power Technologies Announces Adjournment of 2023 Annual Meeting of Shareholders

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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced the adjournment of its 2023 Annual Meeting of Shareholders due to the failure to reach quorum, caused by Paragon Technologies, Inc. OPT will continue to seek votes for its six director nominees, and leading independent proxy advisory firms recommend voting for OPT's board nominees. The 2023 Annual Meeting will reconvene on February 8, 2024, in virtual format. Shareholders are urged to vote 'FOR' all of OPT's proposals on the WHITE proxy card.

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01/29/2024 08:27 AM

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Ocean Power Technologies Announces $1.2 million award from the New Jersey Economic Development Authority (NJEDA) Net Operating Loss (NOL) Program

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Ocean Power Technologies, Inc. (OPTT) has been awarded approximately $1.2 million under the New Jersey Economic Development Authority (NJEDA) 2023 Technology Business Tax Certificate Transfer Program, enabling the Company to sell a percentage of their net operating losses and unused R&D tax credits for cash. This funding represents a significant resource as OPTT continues to progress towards profitability.

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01/25/2024 02:02 PM

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Paragon Calls Out OPT's Shameless and Desperate Campaign of Entrenchment; Urges Shareholders to Carefully Evaluate OPT's Track Record of Dishonesty

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Paragon Technologies, Inc. urges shareholders to carefully evaluate Ocean Power Technologies, Inc.'s track record of dishonesty and vote for Paragon's BLUE proxy card. Paragon believes that the OPT board has conducted a shameless and desperate campaign of entrenchment, misleading shareholders and not fulfilling their duties.

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FAQ

What is the current stock price of Ocean Power Technologies (OPTT)?

The current stock price of Ocean Power Technologies (OPTT) is $0.1471 as of November 6, 2024.

What is the market cap of Ocean Power Technologies (OPTT)?

The market cap of Ocean Power Technologies (OPTT) is approximately 14.4M.

What does Ocean Power Technologies, Inc. do?

Ocean Power Technologies, Inc. (NASDAQ: OPTT) specializes in converting ocean wave energy into electricity through its advanced autonomous PowerBuoy® system and offers intelligent maritime solutions for various industries.

What is the PowerBuoy® system?

The PowerBuoy® system is OPT's flagship product that integrates patented technologies to convert ocean wave energy into reliable, clean, and environmentally beneficial electricity.

In which markets does Ocean Power Technologies operate?

OPT operates in the defense and security, oil and gas, science and research, and offshore wind markets.

What recent achievements has OPT accomplished?

OPT has completed several successful customer field demonstrations, showcasing their PowerBuoy's capabilities, and achieved approximately 15MWh of renewable energy production.

Where does Ocean Power Technologies have operations?

OPT operates globally, with regions including North and South America, Europe, Asia, and Australia.

Who are some of OPT’s notable customers?

Some of OPT's notable customers include ENI, EGP, the Office of Naval Research, and the DeepStar consortium.

What services does OPT offer?

OPT offers ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS), along with WAM-V® autonomous surface vessels and marine robotics services.

What is OPT’s approach to environmental sustainability?

OPT's PowerBuoy® system and other solutions focus on providing clean, renewable energy from ocean waves, contributing to a safer and more environmentally sound maritime industry.

Where is Ocean Power Technologies headquartered?

Ocean Power Technologies is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.

What is the Merrows solution offered by OPT?

The Merrows solution integrates advanced algorithms for Intelligence, Surveillance, and Reconnaissance, providing secure connectivity and actionable intelligence for maritime applications.