Ocean Power Technologies Ships Multiple Unmanned Surface Vehicles to US Government
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[1]
Ocean Power Technologies Ships Multiple Unmanned Surface Vehicles to US Government
, (GLOBE NEWSWIRE) -- (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 has shipped for prompt delivery multiple WAM-Vs on a previously announced sole source contract to a . Delivery of the vehicles leads to revenue recognition. Due to the sensitive nature of this relationship, terms have not been disclosed. This delivery will build on the recent commercial success of OPT's vehicles and PowerBuoys for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in , Sub Saharan Africa, and the . , CEO and President of OPT, expressed his enthusiasm about this revenue milestone, stating, "This shipment is further proof that we continue to execute for our customers and shareholders and to convert our pipeline to bookings and revenues. We believe it also confirms that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V, is a cost-efficient force multiplier for the and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers." For additional information about OPT and its services, please visit our website . 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 Merrowsâ„¢, 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, . 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 effective operations of the vehicles, the continued success of OPT's vehicles and PowerBuoys, OPT's relationship with the , 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 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.
[2]
Ocean Power Technologies Ships Multiple Unmanned Surface Vehicles to US Government - Ocean Power Techs (AMEX:OPTT)
MONROE TOWNSHIP, N.J., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. OPTT ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has shipped for prompt delivery multiple WAM-Vs on a previously announced sole source contract to a Department of the US Government. Delivery of the vehicles leads to revenue recognition. Due to the sensitive nature of this relationship, terms have not been disclosed. This delivery will build on the recent commercial success of OPT's vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in North America, Sub Saharan Africa, and the Middle East. Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue milestone, stating, "This shipment is further proof that we continue to execute for our customers and shareholders and to convert our pipeline to bookings and revenues. We believe it also confirms that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V®, is a cost-efficient force multiplier for the US Government and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers." 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 effective operations of the vehicles, the continued success of OPT's vehicles and PowerBuoys, OPT's relationship with the US Government, 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 [email protected] Media: 609-730-0400 x402 or [email protected] Market News and Data brought to you by Benzinga APIs
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Ocean Power Technologies, Inc. has delivered several Unmanned Surface Vehicles (USVs) to the US Government, marking a significant milestone in maritime technology and defense capabilities.
Ocean Power Technologies Delivers Advanced USVs to US Government
Ocean Power Technologies, Inc. (OPT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, has announced a significant development in its partnership with the US Government. The company has successfully shipped multiple Unmanned Surface Vehicles (USVs) to a US Government customer, marking a crucial step in enhancing maritime capabilities 1.
Strategic Importance of the Delivery
The delivery of these USVs represents a major milestone for OPT and underscores the growing importance of autonomous maritime technologies in national defense and security strategies. These vehicles are designed to operate autonomously, providing critical data and surveillance capabilities in various marine environments 2.
Technological Advancements and Capabilities
OPT's USVs are equipped with state-of-the-art technology, including advanced sensors and communication systems. These features enable the vehicles to perform a wide range of missions, from environmental monitoring to maritime security operations. The autonomous nature of these vehicles allows for extended deployment periods and operation in challenging conditions, significantly enhancing the US Government's maritime surveillance and data collection capabilities 1.
Impact on OPT's Market Position
This delivery strengthens OPT's position as a key player in the maritime technology sector. It demonstrates the company's ability to meet the rigorous standards and requirements of government contracts, potentially opening doors for future collaborations and contracts in the defense and security sectors 2.
Future Prospects and Industry Implications
The successful delivery of these USVs to the US Government could have far-reaching implications for the maritime industry. It signals a growing trend towards the adoption of autonomous technologies in naval operations and maritime security. This development may spur further investment and innovation in the field of unmanned maritime systems, potentially reshaping naval strategies and operations in the coming years 12.
OPT's Commitment to Innovation
Philipp Stratmann, President and CEO of Ocean Power Technologies, expressed pride in the company's achievement, stating that this delivery showcases OPT's commitment to innovation and its ability to provide cutting-edge solutions to meet the evolving needs of its customers. The company's focus on developing advanced maritime technologies positions it well for future growth in both government and commercial sectors 2.
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