Ocean Power Technologies Awarded Contract for Delivery of AI Capable Merrows Buoy in the Middle East
15 Juli 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 been awarded a contract for
immediate delivery of a PowerBuoy equipped with Merrows, its
Artificial Intelligence capable Maritime Domain Awareness Solution,
in the Midde East. This contract 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 its selection as a
preferred supplier for its Merrows equipped buoys in the
region.
Philipp Stratmann, CEO and President of OPT, expressed his
enthusiasm about this revenue generating contract, stating, "We are
continuing to grow our business across all our solutions, WAM-Vs
and PowerBuoys. We believe this shipment for a solar and wind
powered system highlights our ability to service almost all marine
environments across the globe. Offering proven technology solutions
makes it easy for our potential customers to integrate additional
WAM-Vs and PowerBuoys into their operations and to put ocean
intelligence into their hands.”
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 continued success of its Merrows
solution, the successful delivery and deployment of our newer
PowerBuoy and other products, 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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