Ocean Power Technologies Receives Further Contract for PowerBuoy® Deployment with Naval Postgraduate School
03 Settembre 2024 - 2:00PM
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 that it
has received a further contract by the Naval Postgraduate School
(NPS) in Monterey, California. This contract, which supports
revenue generation in the near-term, adds to the deployment of
OPT’s PowerBuoy® as part of an ongoing initiative to enhance
maritime domain awareness and connectivity in Monterey Bay and
demonstrate the use of PowerBuoys® for multi-domain drone and
communication integration.
Building on the success of the previously
announced NPS contract, which included installing AT&T 5G
technology on a PowerBuoy®, this new order focuses on integrating
advanced subsea sensors into a PowerBuoy® equipped with OPT’s
latest Merrows™ suite for AI capable seamless integration of
Maritime Domain Awareness (MDA) across platforms and utilizing
communication technologies from AT&T for NPS. The PowerBuoy®
will provide continuous, autonomous monitoring and data collection
capabilities in one of the world’s most strategically significant
maritime environments.
This deployment will contribute to NPS’s series
of Field Experimentation exercises, designed to test and refine
technologies that improve situational awareness and operational
efficiency for naval operations. The PowerBuoy® will play a
critical role in these exercises, offering a robust, resilient
platform that supports persistent surveillance and secure
communications in maritime settings. Permits pending, the
integrated system will be deployed in the late Fall.
"Receiving this contract from NPS underscores
the growing recognition of our PowerBuoy® technology as a vital
tool for enhancing maritime security and operational capability
above and below the surface," said Philipp Stratmann, CEO of Ocean
Power Technologies. "This collaboration with NPS not only builds on
our previous successes but also pushes the boundaries of what
autonomous maritime technology can achieve. We are proud to
continue supporting the Joint Force's efforts to advance MDA and
secure communication networks. The results from this deployment
will also further demonstrate the ability to deploy PowerBuoy’s® as
5G communication nodes across the coastline of the United
States."
The contract represents a significant milestone
in OPT’s expanding partnership with the U.S. warfighter community
and reinforces the Company's commitment to delivering innovative
solutions that meet the evolving demands of maritime security,
safety, and environmental monitoring.
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® autonomous surface vessels (ASVs) and marine
robotics services. The Company’s headquarters is in Monroe
Township, New Jersey, with an additional office in Richmond,
California. To learn more about OPT’s groundbreaking marine
solutions, 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 continuing success with NPS,
the delivery of customer services, the 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
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