Ocean Power Technologies Announces “Merrows”: A Consolidated Solution for Maritime Domain Awareness
02 April 2024 - 3:33PM
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 Merrows, a projected significant instep
forward to enhance maritime domain awareness (MDA) and underline
the critical importance of ocean security’s role in national
security. Merrows will be OPT’s groundbreaking consolidated
solution offering comprehensive ocean surveillance. This
initiative, which builds on OPT’s recently completed R&D
efforts, demonstrates the company's commitment to safeguarding the
world's oceans through advanced technology and innovation.
Maritime Domain Awareness represents a complex
challenge that encompasses the collection and transmission of data
relating to all aspects of, on, under, adjacent to, or bordering on
a sea, ocean, or other navigable waterway. OPT’s approach to
addressing this challenge involves the deployment of sophisticated
Command, Control, Communications, Computers, Cyber, Intelligence,
Surveillance, and Reconnaissance (C5ISR) systems. These systems are
integrated within OPT's roaming technologies, such as the Wave
Adaptive Modular Vessel (WAM-V), and resident technologies, like
the PowerBuoys (PB), to offer an unparalleled level of surveillance
and data analysis capability.
The data collected by OPT's technologies,
underscores the company’s unique position as a system of systems
provider. What sets OPT apart is its ability to enhance these data
collection capabilities by integrating the WAM-V and PB systems.
This integration enables the use of Artificial Intelligence and
Machine Learning not only to improve data accuracy and operational
efficiency but also delivery actionable intelligence.
Philipp Stratmann, CEO of Ocean Power Technologies,
emphasized the importance of this new planned offering, stating,
“With the launch of Merrows, we are not just introducing an
overarching solution offering but a pivotal shift in how we view
and protect our oceans. Ocean security is national security, and
through Merrows, OPT is dedicated to providing the technologies and
insights necessary to secure our maritime domains. The combination
of our roaming and resident solutions, and our capabilities as a
system of system provider, enable the use of predictive analytics
and Artificial Intelligence for Maritime Domain Awareness.”
As Ocean Power Technologies begins to roll out
“Merrows” to its customers, this solution offering stands as a
testament to the company’s dedication to innovation, security, and
the protection of global waterways.
For more information about Ocean Power
Technologies, visit www.OceanPowerTechnologies.com.
ABOUT OCEAN POWER TECHNOLOGIESOPT
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. 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 and has an additional office in Richmond,
California. To learn more,
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 with respect to the anticipated successful
commercial rollout and acceptance of the Merrows initiative. 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 OPTT@investor.morrowsodali.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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