Ocean Power Technologies Signs OEM Agreement with Key Maritime Technology Provider Teledyne Marine

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has signed an OEM agreement with Teledyne Marine, a division of Teledyne Technologies (NYSE: TDY). This strategic partnership aims to enhance OPT's product offerings and drive innovation in marine technology. The collaboration will leverage Teledyne's advanced maritime technologies, including connectors, instruments, and vehicles, to deliver superior sensor and ocean technology products. OPT's CEO, Philipp Stratmann, expressed confidence that this partnership will accelerate the company's growth and create new revenue streams. Teledyne Marine's SVP, William Egan, emphasized that the partnership aligns with their goal of expanding operational capabilities through cutting-edge technology.

Positive

• Ocean Power Technologies (OPTT) has signed a strategic OEM agreement with Teledyne Marine, a key supplier in maritime technology.
• The partnership aims to enhance product offerings and drive innovation in marine technology.
• Leveraging Teledyne's advanced maritime technologies to deliver superior sensor and ocean technology products.
• The agreement is expected to accelerate growth and create new revenue streams for OPTT.

Negative

• None.

News Market Reaction – OPTT

+22.37%

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+22.37% News Effect

On the day this news was published, OPTT gained 22.37%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Enables Continued Expansion of AI Supporting Sensor Capabilities

MONROE TOWNSHIP, N.J., June 27, 2024 (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, is pleased to announce the signing of an Original Equipment Manufacturer (“OEM”) agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE: TDY) (“Teledyne”), a key supplier in the maritime technology inclusive of connectors, instruments, and vehicles. This strategic partnership aims to enhance OPT's product offerings and drive innovation within the industry providing customers with a turnkey system.

Philipp Stratmann, CEO of OPT, expressed his enthusiasm on the partnership: "We are excited to join forces with Teledyne Marine. This agreement allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers. Our shared commitment to excellence and innovation makes this a natural fit. We believe this partnership further accelerates our growth and enables additional revenue stream."

William Egan, SVP Sales & Marketing of Teledyne Marine, added: "Partnering with OPT aligns perfectly with our core objectives to enable key platform providers to expand their operational capabilities through critical technology enablers and best in class products. We look forward to continuing to expand our partnership and achieve new product offerings."

For additional information about OPT and its services, please visit our website Ocean Power Technologies. Additional information about Teledyne and its services please visit their website Teledyne Marine.

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.

ABOUT TELEDYNE MARINE

Teledyne Marine is a group of leading-edge subsea technology companies that are part of Teledyne Technologies Incorporated. Through acquisitions and collaboration Teledyne Marine has evolved into an industry cornerstone, bringing Imaging, Instruments, Interconnect, Seismic, and Vehicle technology together to provide total solutions to our customers in such industries as hydrography, offshore, dredging, defense and security, marine research and more.​ Each Teledyne Marine company is a leader in its respective field, with a shared commitment to providing premium products backed by unparalleled expertise, service, and support. Our goal is to provide one-stop purchasing capability, world-wide customer supp​​​​​ort, and the technical expertise to solve your toughest challenges. A Sea of Solutions...One Supplier. ​Learn More about Teledyne Marine.

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 success of our new relationship with Teledyne, 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.

FAQ

What is the significance of the OEM agreement between Ocean Power Technologies and Teledyne Marine?

The OEM agreement between Ocean Power Technologies and Teledyne Marine aims to enhance OPTT's product offerings and drive innovation in marine technology, leveraging Teledyne's advanced maritime technologies.

How will the partnership with Teledyne Marine benefit Ocean Power Technologies?

The partnership will allow Ocean Power Technologies to leverage Teledyne's advanced maritime technologies to deliver superior sensor and ocean technology products, accelerating growth and creating new revenue streams.

When was the OEM agreement between Ocean Power Technologies and Teledyne Marine announced?

The OEM agreement was announced on June 27, 2024.

What does Teledyne Marine contribute to the partnership with Ocean Power Technologies?

Teledyne Marine contributes advanced maritime technologies such as connectors, instruments, and vehicles, which will be leveraged to enhance OPTT's product offerings.