Ocean Power Technologies Announces Teaming Agreement with Major International Defense Contractor to Deploy Maritime Domain Awareness Solutions
16 April 2024 - 2:15PM
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 it has signed a teaming agreement with a
major international defense contractor to provide its Merrows suite
of solutions with a focus on certain geographic regions. This
alliance is set to advance maritime domain awareness through OPT's
innovative Maritime Domain Awareness Solution (MDAS).
Under the terms of the agreement, the defense contractor will
have exclusive rights to provide OPT's MDAS solution within certain
international geographic regions. Leveraging OPT's cutting-edge
technology alongside the international contractor’s extensive
expertise in defense, homeland security, and commercial programs,
the collaboration aims to strengthen the contractor’s capabilities
in maritime security and surveillance.
Mr. Philipp Stratmann, CEO and President of Ocean Power
Technologies, expressed enthusiasm about the alliance, stating, "We
are thrilled to join forces with a major international defense
contractor to provide our Merrows suite of solutions to certain
international regions. This collaboration underscores our
commitment to enhancing maritime security globally, and we are
confident that together, we are positioned to achieve remarkable
advancements in this field."
MDAS, developed by OPT, integrates state-of-the-art data
collection and analysis capabilities to offer comprehensive
maritime surveillance, tracking, and monitoring solutions. By
combining autonomous marine platforms, including vehicles and
buoys, with advanced sensors and data analytics, MDAS enables
real-time situational awareness, supporting a wide range of
applications including maritime security, environmental monitoring,
and search and rescue operations.
For more information about Ocean Power Technologies and its
Maritime Domain Awareness Solution,
visit www.OceanPowerTechnologies.com.
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. 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 the success of the alliance with the
international defense contractor. 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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