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Ocean Power Technologies, Inc. - OPTT STOCK NEWS

Welcome to our dedicated page for Ocean Power Technologies news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Technologies stock.

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.

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Paragon Technologies, Inc. (PGNT) urges Ocean Power Technologies, Inc. (OPTT) shareholders to ignore misleading statements from OPT.
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Ocean Power Technologies, Inc. (OPTT) has completed milestones and initiatives, reallocated headcount towards commercialization, and expects to achieve profitability in 2025. The company has divested its strategic consulting team to focus on commercialization for national security and defense markets, leading to a material reduction in third-party expenditure. With recent contract wins and a growing commercial pipeline, OPT anticipates reaching profitability using current capital resources.
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Paragon Technologies, Inc. (PGNT) Issues Presentation to OPT Shareholders, Urging to Disregard White Proxy and Vote Blue Proxy Card
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Paragon Technologies, Inc. (PGNT) issues a press release urging shareholders of Ocean Power Technologies, Inc. (OPTT) to vote the BLUE proxy card, highlighting the company's alleged mismanagement and the need for change. The PR emphasizes the importance of shareholders' votes and the potential impact on the election results, while also accusing OPT of rigging the rules to deny shareholders their rightful voting choices.
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Company XYZ faces serious concerns, causing a 15% stock price drop (XYZ).
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Paragon Technologies, Inc. (POTN) owns approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT). Paragon has mailed out its BLUE proxy card to OPT shareholders, urging them to vote for its director nominees to increase stockholder value.
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Ocean Power Technologies, Inc. (OPT) (NYSE American: OPTT) announced Q224 financial results, including a 221% year-over-year increase in pipeline to $93 million, $0.9 million revenue, $0.5 million gross profit, and a $1.6 million order from Sulmara.
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Paragon Technologies, Inc. (PGNT) calls out Ocean Power Technologies, Inc. (OPTT) for financial mismanagement and declining shareholder value, criticizing recent contract awards as attempts to divert attention from the company's financial condition. Paragon, owning 4.9% of OPTT, requested board representation due to financial concerns, highlighting OPTT's alarming financial losses and rapid decline in shareholder value. OPTT's share price declined by 88% since April 30, 2021, and board and executive compensation exceeded revenues. Paragon's director nominees have delivered an 800% return to shareholders over the last five years, while OPTT's directors spent millions to protect their board seats. OPTT's recent press release regarding a 'Letter Contract with a $6.5M Ceiling' is criticized for misleading shareholders and lacking definitive commitment of business, leading to a 10% decline in share price on the announcement day.
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Ocean Power Technologies, Inc. (NYSE American: OPTT) urges shareholders to vote 'FOR' all company proposals, including voting 'FOR ALL' of the Board's nominees. The company remains focused on executing its strategy to drive long-term growth, profitability, and shareholder value.
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Ocean Power Technologies, Inc. (OPT) (NYSE American: OPTT) has received a letter contract from a US based prime contractor for multiple maritime domain awareness buoys, demonstrating its commitment to national security. The collaboration will focus on providing multidomain marine solutions in support of US government agencies, enhancing surveillance capabilities. This contract enables OPT to advance the preparation of multiple Next Generation PowerBuoy® systems.
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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 $0.15 as of November 7, 2024.

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

The market cap of Ocean Power Technologies (OPTT) is approximately 14.5M.

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.

Ocean Power Technologies, Inc.

OTC:OPTT

OPTT Rankings

OPTT Stock Data

14.54M
99.32M
3.62%
14.61%
4.41%
Specialty Industrial Machinery
Electric Services
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United States of America
MONROE TOWNSHIP