Ocean Power Technologies Strengthens Defense Ties with PowerBuoy

Ocean Power Technologies' Latest Development

Ocean Power Technologies, Inc. (NASDAQ: OPTT), recognized as a leader in innovative marine power solutions, has made significant strides with the recent announcement of a binding letter of intent. This intent is to deploy an AI-capable PowerBuoy for a major international defense contractor. The deployment aims to demonstrate the PowerBuoy's survivability and suitability for multidomain defense applications, especially in extreme sea conditions.

Collaboration with Defense Sector

Strategic Partnerships

The initiative follows an earlier collaboration with a major international defense contractor, aimed at enhancing Maritime Domain Awareness through the deployment of the Merrows™ solution suite. This collaboration emphasizes geographical regions that can significantly benefit from advanced maritime security solutions.

Company Insights

Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed his enthusiasm regarding the collaboration. He stated, "We are thrilled to take significant steps towards demonstrating our capabilities in offshore intelligence, surveillance, and reconnaissance. We believe that this partnership will provide remarkable advancements in maritime security on a global scale."

Innovative Power Solutions

Ocean Power Technologies focuses on delivering intelligent maritime solutions designed to ensure safer and cleaner ocean operations. The PowerBuoy platforms are engineered to provide sustainable electric power and real-time data communications for various remote maritime applications. Additionally, the company offers advanced marine robotics services alongside its PowerBuoy solutions, further enhancing its offerings in the defense and security, oil and gas, and offshore wind sectors.

Impact on Maritime Security

The deployment of the AI-capable PowerBuoy is expected to greatly impact maritime security efforts globally. By integrating high-level surveillance and reconnaissance capabilities, Ocean Power Technologies positions itself as a critical player in enabling effective monitoring and response strategies in challenging maritime environments.

Company Profile

Headquartered in Monroe Township, New Jersey, Ocean Power Technologies, Inc. extends its operations with an office in Richmond, California. The company is dedicated to deploying advanced solutions that cater to the diverse needs of clients in the defense, science, research, and offshore wind markets. By continuously improving its offerings, Ocean Power Technologies aims to redefine industry standards.

Contact Information

For investor relations inquiries, interested parties can reach out at 203-561-6945 or via email at OPTT@investor.morrowsodali.com. For media inquiries, contact 609-730-0400 x402 or email MediaRelations@oceanpowertech.com.

Frequently Asked Questions

What is the main purpose of Ocean Power Technologies' recent announcement?

The announcement highlights the deployment of an AI-capable PowerBuoy for defense applications, showcasing its capabilities in extreme sea conditions.

Who is Ocean Power Technologies partnering with?

They are collaborating with a major international defense contractor to enhance maritime security solutions through the deployment of their technology.

What products does Ocean Power Technologies offer?

In addition to the PowerBuoy, the company provides the Merrows™ suite and marine robotics services, supporting various industries.

Where is Ocean Power Technologies based?

The company is headquartered in Monroe Township, New Jersey, with an additional office located in Richmond, California.

How can I get in touch with Ocean Power Technologies for inquiries?

For investor inquiries, call 203-561-6945. Media inquiries can be directed to 609-730-0400 x402 or through email.

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