Ocean Power Technologies Selected as Preferred Supplier for Delivery of AI capable Merrows Buoy in the Middle East
24 Juni 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 it has been selected as preferred
supplier for a PowerBuoy equipped with Merrows, its Artificial
Intelligence capable Maritime Domain Awareness Solution, for an
immediate delivery opportunity in the Midde East. This contract,
once finalized, will generate revenues in the current quarter. Due
to the confidential nature of the award, details are not being
disclosed.
The Company had previously announced the completion of
engineering for Merrows in hot climates.
Philipp Stratmann, CEO and President of OPT, expressed his
enthusiasm about this revenue generating selection, stating, "In
addition to the material growth of our WAM-V business, we are
excited to continue growing our PowerBuoy business. We believe that
the Middle East offers a lot of opportunities for Merrows, and we
look forward to further growth in the region. Offering proven
technology solutions makes it easy for our potential customers to
integrate additional WAM-Vs and PowerBuoys into their
operations.”
For additional information about OPT and its services, please
visit our website Ocean Power Technologies.
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 finalization of the pending Middle
East buoy contract, continued success of its Merrows solution 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/242191c9-abbb-44fa-8dc5-1be8e245bc1e
Contact Information
Investors: 203-561-6945 or investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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