Ocean Power Technologies Announces Shipment of WAM-Vs to the UAE
Rhea-AI Summary
Ocean Power Technologies (NYSE American: OPTT) announced the shipment of two WAM-V® Unmanned Surface Vehicles (USVs) to Remah International Group (RIG), a UAE-based military services company. The shipment strengthens OPT's presence in the Middle East region.
As OPT's defense partner in the UAE, RIG will utilize these vehicles to demonstrate their expeditionary capabilities and autonomous ocean operations potential. Following recent successes in the region, OPT plans to establish a sales and operations office in the UAE and make strategic hires to support its expansion.
Positive
- Expansion of fleet presence in the UAE market
- Plans to establish new sales and operations office in the Middle East
- Strategic partnership with UAE defense sector company
- Growing adoption of AI-enabled ocean technologies in the region
Negative
- None.
News Market Reaction
On the day this news was published, OPTT declined 0.42%, reflecting a mild negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $394K from the company's valuation, bringing the market cap to $93M at that time.
Data tracked by StockTitan Argus on the day of publication.
Further expands fleet in the region
MONROE TOWNSHIP, N.J., Sept. 02, 2025 (GLOBE NEWSWIRE) -- 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 is shipping two WAM-V® Unmanned Surface Vehicles (“USV”) to Remah International Group (“RIG”), a privately held and UAE headquartered company with a focus on military services. RIG, in its roles as OPT’s defense partner in the UAE, is expected to use these vehicles to highlight their expeditionary capabilities and ability for autonomous ocean operations.
Based on recent demonstrations, contract wins, and the increase of OPT's fleet in the Middle East, OPT is planning to expand its presence in the region with the establishment of a sales and operations office and related strategic hires.
Jason Weed, SVP of Commercial Sales at OPT, emphasized the importance of the shipment, stating: "We are thrilled to strengthen our presence in the region, particularly in the UAE. This shipment underscores how OPT’s proven, commercially available solutions deliver exceptional value by providing cost-effective resilient and persistent maritime security. With our AI-enabled ocean technologies already delivering results, we see tremendous opportunity to accelerate adoption and expand demand across the region. We look forward to deepening our partnerships with RIG and others as we continue to drive OPT’s leadership in ocean security."
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, 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 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 ultimate commercial success of the RIG partnership and 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
FAQ
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