Latest news with #WAM-V®
Yahoo
22-05-2025
- Business
- Yahoo
Ocean Power Technologies Completes First Sea Trial for WAM-V®s at US Coast Guard Approved Test Site in New Jersey
Completion of Sea Trial confirms ability to test 24/7/365 on East and West Coast MONROE TOWNSHIP, N.J., May 22, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ('OPT' or the 'Company'), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed its first WAM-V® 22 sea trials for a customer with substantial operations in Sub Saharan Africa. The sea trials were carried out at OPT's newly permitted test site in Southern New Jersey following site visits and operational reviews by the US Coast Guard. Philipp Stratmann, CEO of the Company, commented, "This is a great step ahead for OPT. We are pleased that we have completed the sea trials of a WAM-V® for a major specialized offshore services customer and were able to do so at our newly permitted test site. This now enables us to test year-round on either coast, making it easier for customers to receive their products and further decreasing the time from booking to revenue recognition." For additional details on Ocean Power Technologies and its services and solutions for the defense, security and ocean energy industries, please visit 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® unmanned surface vehicles (USV's) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit 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 potential continuing success with the delivery of customer products and services over extended timeframes, 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: CONTACT INFORMATION Investors: 203-561-6945 or investorrelations@ Media: 609-730-0400 x402 or MediaRelations@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Ocean Power Technologies Completes First Sea Trial for WAM-V®s at US Coast Guard Approved Test Site in New Jersey
Completion of Sea Trial confirms ability to test 24/7/365 on East and West Coast MONROE TOWNSHIP, N.J., May 22, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ('OPT' or the 'Company'), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed its first WAM-V® 22 sea trials for a customer with substantial operations in Sub Saharan Africa. The sea trials were carried out at OPT's newly permitted test site in Southern New Jersey following site visits and operational reviews by the US Coast Guard. Philipp Stratmann, CEO of the Company, commented, "This is a great step ahead for OPT. We are pleased that we have completed the sea trials of a WAM-V® for a major specialized offshore services customer and were able to do so at our newly permitted test site. This now enables us to test year-round on either coast, making it easier for customers to receive their products and further decreasing the time from booking to revenue recognition." For additional details on Ocean Power Technologies and its services and solutions for the defense, security and ocean energy industries, please visit 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® unmanned surface vehicles (USV's) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit 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 potential continuing success with the delivery of customer products and services over extended timeframes, 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: CONTACT INFORMATION Investors: 203-561-6945 or investorrelations@ Media: 609-730-0400 x402 or MediaRelations@ in to access your portfolio
Globe and Mail
30-04-2025
- Business
- Globe and Mail
Ocean Power Technologies Ships Multi-Day Capable WAM-V® for Indo-Pacific Operations
MONROE TOWNSHIP, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced the shipment of a WAM-V ® 22' with autonomous capabilities designed to provide offshore surveys with 24/7 operational payloads for multiple days without requiring a return to base. This WAM-V ® recently completed a successful demonstration, conducting a three day fully remote, continuous survey operation, while deploying a simulated survey payload. Philipp Stratmann, CEO of Ocean Power Technologies, commented, "This is a great milestone for OPT. The vastness of the Pacific Ocean makes this an important capability for our customers. This design enables the WAM-V ® to conduct prolonged operations inclusive of survey, maritime security, and/or environmental research with a complex array of above and below the waterline sensing capability." For additional details on Ocean Power Technologies, please visit 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 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 continued shipment of WAM-V ® s with autonomous capabilities designed to provide offshore surveys for multiple days without requiring a return to base, the potential continuing success with the delivery of customer services over extended timeframes, 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.
Associated Press
25-03-2025
- Business
- Associated Press
Ocean Power Technologies Enters New Market with WAM-V® Sale for a Mining Deployment in Latin America
MONROE TOWNSHIP, N.J., March 25, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ('OPT' or 'Company') (NYSE American: OPTT), a leader in innovative maritime solutions, today announced the sale of a Wave Adaptive Modular Vessel (WAM-V®) to a new customer in Latin America, for an onshore mining industry application, marking a significant expansion into a new industry. This latest sale underscores OPT's commitment to delivering cutting-edge autonomous surface vessel (ASV) technology to industries beyond its traditional markets. The customer, whose identity remains undisclosed for confidentiality reasons, operates in the mining sector and will utilize the WAM-V® for bathymetry surveys related to the mining industry. This application demonstrates the WAM-V® adaptability to evolving needs both offshore and onshore. 'This sale represents a major milestone for OPT as we continue to expand the applications of our WAM-V® technology across new industries and geographies,' said Philipp Stratmann, CEO at Ocean Power Technologies. 'The flexibility and reliability of the WAM-V® platform makes it an ideal solution for a broad range of missions and industries. We are excited to support our new Latin American partner with state-of-the-art autonomous technology tailored to their operational needs. Whether you are operating onshore or offshore, as long as there is a need for a floating system, OPT is ready to support your projects.' The WAM-V® is renowned for its stability, lightweight design, and modular architecture, allowing for quick adaptation to a variety of mission requirements. Its ability to launch from almost anywhere and operate in a range of sea conditions with minimal environmental impact makes it an attractive choice for industries seeking cost-effective and efficient ASV solutions. As OPT continues to expand globally, this transaction highlights the increasing demand for autonomous maritime technologies in new sectors and regions. The Company remains committed to innovation and collaboration, helping organizations worldwide harness the power of autonomy for enhanced operational efficiency. 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® unmanned surface vehicles (USV's) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit 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 continued success of its WAM-V® operations with the new Latin America customer and other existing customers, 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.
