Ocean Power Technologies Strengthens Leadership with New Advisors

Enhancing Strategic Guidance at Ocean Power Technologies

Ocean Power Technologies, Inc. (NYSE American: OPTT) is making significant strides in its strategic direction with the recent appointment of three distinguished members to its Advisory Board. This important decision was made in conjunction with the completion of the company’s Annual Meeting of Stockholders. Natalie Lorenz-Anderson, Rear Admiral Joseph A. “Digger” DiGuardo, and Rear Admiral Victorino “Vic” Mercado will contribute their extensive backgrounds in national security, technology, and strategic operations to help the Board navigate the intricate landscape of the marine energy sector.

Meet the New Advisory Board Members

These new appointments bring invaluable experience that the company hopes will enhance its decision-making capacity. Natalie Lorenz-Anderson, who previously served on the Board, is known for her expertise in cybersecurity and government contracting. Her deep knowledge stems from over 40 years in various high-stakes environments, including notable roles in Booz Allen Hamilton and on boards of several technology-focused organizations. She has held numerous positions in defense and energy sectors, making her a key asset as Ocean Power Technologies pursues government contracts.

Expertise of Natalie Lorenz-Anderson

Lorenz-Anderson's capabilities in cybersecurity and risk management will significantly impact Ocean Power's strategic initiatives. As the Chief Operating Officer at 247Solar, Inc., she has demonstrated her commitment to advancing renewable energy solutions. Her extensive background positions her well to foresee opportunities and challenges that lie ahead for the company, particularly in its dealings with federal agencies.

Insights from Rear Admiral Joseph A. DiGuardo

Rear Admiral Joseph A. “Digger” DiGuardo brings over three decades of military leadership experience, particularly in national security and counter-terrorism. He previously commanded the Navy Expeditionary Combat Command, overseeing significant operations and personnel. His insights into military operations and logistics will provide essential guidance as Ocean Power Technologies seeks to deepen its relationships with defense entities.

A Strong Focus on Defense and Security

With the renewed focus on seeking government projects, the expertise offered by DiGuardo can strengthen operational strategies at Ocean Power Technologies. His advisory role will support the Board in identifying and executing plans that align with national priorities, particularly those concerning maritime security and technological advancements.

Rear Admiral Victorino Mercado's Strategic Contributions

Adding to the list of impressive qualifications is Rear Admiral Victorino Mercado, who has served as a senior advisor within the U.S. Department of Defense. His wealth of experience in managing military operations and strategic deployments is expected to provide Ocean Power Technologies with strategic insights that can enhance its competitive positioning within the market.

Inducement Awards and Future Directions

In connection with these strategic appointments, the company has also granted an inducement award to Tracy Pagliara, its new Senior Vice President, General Counsel & Corporate Secretary. This award reflects the company’s commitment to attracting top talent that can navigate the complex regulatory landscape associated with marine energy and technology-driven operations.

Exploring New Opportunities

As Ocean Power Technologies continues to innovate, its focus on intelligence in maritime solutions places it at the forefront of the industry. The company’s cutting-edge PowerBuoy platforms and autonomous vessels like WAM-V® indicate a strong commitment to enhancing operational capabilities across diverse maritime settings.

About Ocean Power Technologies

Ocean Power Technologies is dedicated to providing advanced maritime solutions that promote safer and more efficient ocean operations. Their technologies cater to the defense, science, and offshore wind markets, ensuring a cleaner, more sustainable future. With headquarters located in Monroe Township, NJ, the company is poised for growth and innovation in the marine sector.

Frequently Asked Questions

What is the significance of the new Advisory Board Members at Ocean Power Technologies?

The new members bring substantial experience in national security and government contracting, which will help guide the company's strategic initiatives.

How does Ocean Power Technologies plan to utilize its Advisory Board?

The Advisory Board will advise on operations and strategic plans, enhancing the overall decision-making process of the Board of Directors.

What past experience do the new Advisory Board Members have?

They have extensive backgrounds in national security, military operations, and technology consulting, with decades of experience in various leadership roles.

What recent awards has Ocean Power Technologies granted?

Recently, an inducement award was granted to Tracy Pagliara as part of the company’s commitment to attracting the best talent.

What are Ocean Power Technologies' core markets?

The company focuses on defense, oil and gas, science research, and the offshore wind markets, striving for advancements in these sectors.

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