Ocean Power Technologies Readies Shipment of AI Capable Merrows™ PowerBuoy® for Naval Postgraduate School
23 Dezember 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 finalized the main assembly of
the previously announced PowerBuoy® for Naval Postgraduate School.
The full system, which includes installing AT&T® 5G technology
and 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, is
now being readied for shipment ready for deployment in early 2025
alongside the Technology Showcase NPS is hosting in January. Once
deployed, the PowerBuoy® will provide continuous, autonomous
monitoring and data collection capabilities in one of the world’s
most strategically significant maritime environments. This is
another step forward in executing the Company’s robust strategic
plan.
“We are very excited about completing this
critical phase of our contract with NPS. This phase advances
our ability to highlight our PowerBuoy® AI capable Merrows™
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. "Our continued scaling
of our cutting-edge operations and best-in-class servicing of our
customers is further supported by the recently announced support
from an institutional investor. OPT continues to differentiate
itself with technological advances. We believe the results from the
upcoming deployment with NPS will also further demonstrate the
ability to deploy PowerBuoy’s® as 5G communication nodes across the
coastline of the United States. As more and more customers are
looking for rapidly deployable systems, OPT’s superior technology
and the aforementioned institutional financing will further enhance
our growing services business."
For additional information about OPT, 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, 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 products,
services and 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 successful
operations of the AI capable Merrows™ PowerBuoy®, 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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