Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies (NYSE: OPTT) has secured a new contract from a European Offshore Services Provider for a fully integrated WAM-V® unmanned surface vehicle (USV). The contract marks OPTT's expansion into the European Union market, adding to its presence in the United States, Latin America, and the Middle East.

The company will begin immediate assembly of the WAM-V® for near-term delivery, with training and services to be provided in the customer's country. CEO Philipp Stratmann highlighted that this contract demonstrates market demand for their systems, particularly in defense, security, autonomous survey, and offshore construction applications.

Ocean Power Technologies (NYSE: OPTT) has secured a binding letter of intent to deploy a PowerBuoy® system for an undisclosed defense customer. The deployment aims to demonstrate the system's survivability and suitability for multidomain defense and security applications in extreme sea conditions.

This development follows a previous teaming agreement with a major international defense contractor to provide OPTT's Merrows™ suite of solutions in specific geographic regions. The project focuses on advancing intelligence, surveillance, and reconnaissance capabilities for maritime security applications.

Ocean Power Technologies (NYSE American: OPTT) successfully demonstrated its defense and security capabilities at NAVDEX in Abu Dhabi in partnership with Remah International Group (RIG). The demonstrations featured OPT's WAM-V® Unmanned Surface Vehicles (USV), equipped with underwater sensors and aerial drone integration capabilities, alongside presentations of their Next Generation Powerbuoy® and AI-capable Merrows™ technologies.

The company showcased potential applications including autonomous anti-submarine warfare, mine counter measures support, national security applications, and maritime monitoring and intelligence solutions. Through collaboration with RIG, a UAE-headquartered company specializing in military and civilian services, OPT aims to expand its presence in the region and accelerate the adoption of autonomous, resident, persistent, and AI-capable ocean security technologies.

Ocean Power Technologies (NYSE: OPTT) announced its participation at NAVDEX in Abu Dhabi, where it will showcase its maritime technology alongside local partner Remah International Group (RIG). This follows RIG's appointment as OPTT's UAE defense and security solutions distributor in late 2024.

The exhibition will feature live demonstrations of OPTT's WAM-V® Unmanned Surface Vehicles, equipped with underwater sensors and aerial drone integration capabilities. The company will also showcase its Next Generation PowerBuoy® and AI-capable Merrows™ technologies.

RIG, which partners with global solution providers and maintains a network of 48 companies in UAE, brings extensive experience serving the UAE Armed Forces. The partnership aims to accelerate the adoption of autonomous ocean security services in the region through RIG's local industry knowledge and established presence.

Ocean Power Technologies (NYSE American: OPTT) has secured $2 million in purchase orders for Next Generation PowerBuoys® in Latin America. These PowerBuoys® combine wave, solar, and wind power generation capabilities and can be deployed in various water depths from coastal to deep ocean.

The systems support both above and below-surface payloads and can be equipped with various communication solutions. This order follows recent growth in WAM-V solutions in the region, enabling customers to add permanent monitoring and marine intelligence solutions to their existing roaming capabilities.

According to CEO Philipp Stratmann, this expansion strengthens OPT's position in Latin America and demonstrates the company's commitment to delivering marine intelligence solutions in the region.

Ocean Power Technologies (NYSE: OPTT) has successfully completed major exercises in California, demonstrating the autonomous capabilities of their WAM-V technology for extended offshore operations. The breakthrough achievement shows the WAM-V 22's ability to conduct multi-day seabed surveys without returning to base.

The system demonstrated real-time hydrographic and survey data collection capabilities while maintaining persistent sea presence. The enhanced WAM-V design now enables full operations over extended time periods, representing a significant advancement in autonomous maritime technology.

According to CEO Philipp Stratmann, this achievement marks a groundbreaking milestone for OPT, enabling new operating approaches and enhanced efficiencies for customers while opening up new market opportunities. The extended operational capability is specifically designed to support longer and more power-intensive requirements while hosting various offshore instrumentation.

Ocean Power Technologies (NYSE: OPTT) has appointed three Advisory Board Members following its 2024 Annual Meeting of Stockholders. The appointees include Natalie Lorenz-Anderson, a MIT Board of Trustees Member with cybersecurity expertise, and two decorated Naval Veterans - Rear Admirals Joseph A. DiGuardo and Victorino Mercado.

The Advisory Board Members will provide guidance on operations and strategic plans, with compensation through equity grants determined by the Board. Lorenz-Anderson previously served on the Board but stepped down due to other commitments. DiGuardo and Mercado were former Board consultants.

Additionally, the company granted an inducement award to Tracy Pagliara, the new Senior VP and General Counsel, consisting of 75,000 restricted shares vesting equally over two years under the Employment Inducement Incentive Award Plan.

Ocean Power Technologies (NYSE American: OPTT) has announced its participation in The Microcap Conference 2025, scheduled for January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ. This premier event brings together growth-focused companies and investors.

During the conference, OPT's management team will deliver a corporate presentation and conduct one-on-one meetings with both institutional and individual investors. These sessions will focus on discussing the company's recent developments, growth strategy, and investment opportunities.

Ocean Power Technologies (NYSE American: OPTT) has completed the main assembly of a PowerBuoy® system for the Naval Postgraduate School (NPS). The system features AT&T® 5G technology and advanced subsea sensors, integrated with OPT's latest Merrows™ suite for AI-capable Maritime Domain Awareness.

The system is being prepared for shipment and deployment in early 2025, coinciding with NPS's January Technology Showcase. Once deployed, it will provide continuous, autonomous monitoring and data collection in a strategically significant maritime environment.

The project aims to demonstrate PowerBuoy's® capability as 5G communication nodes along the U.S. coastline, supporting maritime security and operational capabilities both above and below the surface.