Welcome to our dedicated page for Ocean Power Tech news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Tech stock.
Ocean Power Technologies, Inc. (OPTT) generates news around intelligent maritime systems, low-carbon marine power, and autonomous ocean operations. As a NYSE American-listed company focused on defense and security, offshore energy, and research markets, its announcements often highlight new contracts, technology deployments, and strategic partnerships that shape its role in maritime domain awareness and uncrewed systems.
Recent news has included a multi-buoy contract greater than $5 million to deploy MERROWS®-equipped PowerBuoy® systems in support of a U.S. Coast Guard mission under the U.S. Department of Homeland Security, providing persistent maritime domain awareness off the coast of San Diego, California. Other releases describe shipments of WAM-V® unmanned surface vehicles to partners in the United Arab Emirates, expansion of regional operations, and a Master Services Agreement with Unique Group for non-defense WAM-V® projects in the UAE.
Investors and industry followers can also find updates on partnerships such as the collaboration with Mythos AI to integrate AI-driven autonomy across WAM-V® ASVs and PowerBuoy® platforms, and the agreement with Gradient Marine to add digital twin and simulation capabilities via the Virtual Maritime Picture software. Financial news appears through quarterly earnings releases, backlog and pipeline disclosures, and conference call announcements, while corporate developments include certifications like AUVSI Trusted Uncrewed Maritime Systems Operator Training Provider status and participation in investor conferences.
This news page for OPTT aggregates these types of updates in one place, covering contracts, deployments, partnerships, financial results, certifications, and investor events. It offers a single view into how Ocean Power Technologies is applying its PowerBuoy®, WAM-V®, Merrows™, and related technologies across defense, offshore energy, and commercial maritime applications over time.
Ocean Power Technologies, Inc. (NASDAQ: OPTT) announced the receipt of $1 million in non-dilutive funding from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program. This program allows eligible New Jersey technology companies to sell net operating losses and research credits, facilitating financial growth. The funding will support OPT's commercial and development initiatives, building on a decade-long partnership with PSEG. The company aims to advance its innovative ocean energy solutions while benefiting from state support.
Ocean Power Technologies (NASDAQ: OPTT) has deployed a PB3 PowerBuoy® for Enel Green Power off the coast of Las Cruces, Chile, contributing to the country's clean energy transition. Originally sold to EGP in September 2019, the buoy will facilitate research at Chile’s Marine Energy Research and Innovation Center (MERIC). The project aims to gather real-time environmental data while utilizing wave energy, available continuously. Despite initial delays due to COVID-19, the deployment was completed effectively with remote collaboration.
Ocean Power Technologies (OPTT) reported its third-quarter fiscal 2021 financial results, highlighting significant operational changes. The company acquired 3Dent Technology, enhancing its offshore engineering capabilities. Despite an increase in liquidity to $80.4 million, OPTT's revenue fell to $0.3 million from $0.7 million year-over-year, with a net loss rise attributed to pandemic-related project delays. The firm generated $76.1 million in net proceeds through equity agreements and plans a remote deployment of its OPT PowerBuoy® subsea data collection system in Chile.
Ocean Power Technologies Elects New Independent Directors
On December 23, 2020, Ocean Power Technologies (NASDAQ: OPTT) announced the election of Clyde W. Hewlett, Diana G. Purcel, and Peter E. Slaiby as independent directors during its annual meeting. These directors bring significant expertise in offshore energy, finance, and governance. Notably, the board also approved a financing facility with Aspire Capital for over 19.99% of common stock, an expanded stock incentive plan, and the appointment of EisnerAmper as the independent auditor for Fiscal Year 2021.
Ocean Power Technologies (OPTT) reported its financial results for Q2 FY2021, ending October 31, 2020. Revenue decreased to $0.1 million from $0.2 million year-over-year, primarily due to lower revenue from Enel Green Power. The net loss decreased by $0.2 million, attributed to reduced product development costs. Total cash and equivalents rose to $26.3 million. The company signed contracts with ACET and received a DeepStar project award to utilize its PB3 PowerBuoy. A Common Stock Purchase Agreement with Aspire Capital allows for up to $12.5 million in stock sales over 30 months.
Ocean Power Technologies (OPTT) announced a contract with SeaTrepid International for the deployment of a PB3 PowerBuoy® off the coast of Chile. This marks the first third-party installation conducted remotely due to pandemic-related travel restrictions. Training and installation procedures are being conducted virtually, enhancing operational flexibility while reducing costs. The deployed system will provide real-time oceanographic data and will be monitored from OPT's New Jersey base. The deployment is part of OPT's strategy to use local contractors to facilitate ocean energy solutions more efficiently.
Ocean Power Technologies (NASDAQ: OPTT) has appointed Jorge Franco as Regional Sales Representative in Spain, effective immediately. Franco, who has over 20 years of experience in the oil and gas sector, will focus on expanding opportunities in Southern Europe. His previous role was Global Account Vice President at Halliburton, where he managed accounts for major companies. The addition of Franco is expected to enhance OPTT's outreach and strengthen its position in the offshore power market, particularly within the oil and gas industry.
Ocean Power Technologies (NASDAQ: OPTT) announced a new project award from DeepStar® to study the use of its PB3 PowerBuoy® for remote zero carbon power in subsea oil production. This techno-economic feasibility study, supported by Total E&P Research, aims to evaluate cost and carbon emission reductions for deepwater operations at depths of 1000, 2000, and 3000 meters. The collaboration seeks to explore the practicality of electric power solutions in offshore oil & gas, aligning with a low-carbon development vision.
Ocean Power Technologies (NASDAQ: OPTT) has partnered with Adams Communications & Engineering Technology (ACET) to conduct a feasibility study for a PB3 PowerBuoy® system, focusing on integrating offshore 5G communications with unmanned and robotic systems. This initiative supports the U.S. Navy’s SLAMR program aimed at enhancing marine defense technologies. The study will outline operational plans, deployment strategies, and regulatory requirements for this autonomous communication solution.
Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced a new Common Stock Purchase Agreement with Aspire Capital Fund, LLC, allowing the company to sell up to $12.5 million in common stock over 30 months. The funds will be allocated for building additional PowerBuoys and advancing product development. The agreement grants OPT control over stock sales, with Aspire Capital obligated to purchase shares as needed. Key terms include limits on sales amounts and no restrictions on proceeds usage, enhancing OPT's capital flexibility for growth.
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