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.

12/18/2023 04:55 PM

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Paragon Technologies Commences Mailing of BLUE Proxy Card and Issues Letter to Ocean Power Technologies Shareholders

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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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12/13/2023 04:45 PM

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Ocean Power Technologies, Inc. Announces Second Quarter Fiscal 2024 Results

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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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12/13/2023 01:50 PM

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Ocean Power Technologies Sends Letter to Shareholders Highlighting Continued Execution of Company’s Value-Enhancing Strategy

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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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12/11/2023 08:30 AM

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Ocean Power Technologies Secures a Multi-Buoy Letter Contract with a $6.5M Ceiling to Bolster Maritime Domain Awareness for US Government Agencies

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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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12/08/2023 03:00 PM

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Paragon Technologies Reminds Ocean Power Technologies Shareholders to Vote the BLUE Proxy Card for Paragon’s Nominees

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Paragon Technologies, Inc. (PGNT) owns approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (OPTT). The company urges OPT shareholders to vote the BLUE proxy, expressing concerns about the OPT Board and management's financial decisions. Paragon proposes a new direction for OPT, aiming to reduce costs, focus on Marine Advance Robotics, and achieve cash flow break-even in 2024.

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12/06/2023 04:25 PM

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Paragon Technologies Issues Statement to Shareholders of Ocean Power Technologies Regarding the Shameless Entrenchment Actions of the OPTT Board

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Paragon Technologies (PGNT) owns 4.9% of Ocean Power Technologies (OPTT) shares. The Delaware Court denied Paragon's request for a preliminary injunction regarding OPT's advance notice bylaws. The Court expressed doubts about the OPT Board's good faith and found a credible basis of wrongdoing in prior litigation.

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12/04/2023 05:15 PM

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Ocean Power Technologies Commences Mailing of Definitive Proxy Materials for 2023 Annual Meeting

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Ocean Power Technologies, Inc. (NYSE American: OPTT) has announced the commencement of mailing definitive proxy materials for its 2023 Annual Meeting of Stockholders. The company urges stockholders to vote on the WHITE proxy card to support the election of all of the Board's highly qualified director nominees. The recent Delaware Court ruling denied Paragon's request to block the rejection of its deficient notice of nominations for election at the Annual Meeting.

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11/21/2023 04:15 PM

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Ocean Power Technologies to Report 2024 Second Quarter Results on December 13, 2023

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Ocean Power Technologies, Inc. (OPT) (NYSE American: OPTT) will report its fiscal 2024 second-quarter results after the market closes on Wednesday, December 13, 2023. A conference call to discuss OPT’s financial results will be held on Thursday, December 14, 2023, at 9:00 am EST. The call will be hosted by Philipp Stratmann, CEO, Bob Powers, CFO, and Joseph Dipietro, Controller. The company is also dedicating time to hosting individual meetings with institutional investors to increase relations.

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11/14/2023 04:15 PM

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Ocean Power Technologies Announces Action Plan to Achieve Profitability in Calendar Year 2025

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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced the divestiture of its non-core strategic consulting team to focus on the commercialization of its products, aiming for profitability in 2025. The company appointed Matt Burdyny as Chief Commercial Officer to drive commercialization efforts. OPT CEO Dr. Philipp Stratmann emphasized the progress in orders, pipeline, and backlog, highlighting the completion of product development efforts and the focus on meeting customer needs.

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11/01/2023 05:15 PM

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Former Pentagon Official and Navy Admiral Victorino “Vic” G. Mercado Appointed as a Special Advisor to the Board of Ocean Power Technologies

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Ocean Power Technologies (OPT) has announced that Rear Admiral Victorino “Vic” G. Mercado (Retired) has been retained as a special advisor to the company's Board of Directors. Admiral Mercado's expertise in security, strategy, and operations from his 35-year career in the U.S. Navy and service at the Department of Defense will be valuable in providing intelligent maritime solutions to the U.S. Government and defense sectors. OPT aims to enhance value for shareholders through the guidance of high-caliber advisors.

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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 $0.3355 as of December 20, 2024.

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

The market cap of Ocean Power Technologies (OPTT) is approximately 43.9M.

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.