Ocean Power Technologies deployed a PowerBuoy® system for Rutgers University and received a maritime drone order from Stevens Institute.
Quiver AI Summary
Ocean Power Technologies, Inc. announced the successful deployment of a PowerBuoy® system off New Jersey, which will support ongoing research at Rutgers University and is fully operational, replacing an outdated monitoring system. The company has also received a purchase order from Stevens Institute of Technology for a WAM-V® unmanned surface vehicle, enhancing its engagement in the academic research sector. This deployment will facilitate ocean research and environmental monitoring without the complications of permanent installations. OPT's CEO, Philipp Stratmann, highlighted the importance of these projects in demonstrating the company's operational capabilities and expanding its customer base, particularly in New Jersey. The PowerBuoy® offers flexibility for initial and ongoing deployments, sensor integration, and long-term service, contributing to safer and more sustainable maritime operations.
Potential Positives
- Successful deployment and commissioning of the PowerBuoy® system off the coast of New Jersey enhances OPT's reputation and demonstrates the effectiveness of its technology in ocean monitoring.
- Receipt of a purchase order from Stevens Institute of Technology for the WAM-V® unmanned surface vehicle indicates growing demand for OPT’s maritime solutions in the academic research sector.
- The flexible nature of the PowerBuoy® system allows for quick deployment and easy upgrades, potentially leading to more long-term contracts and recurring revenue opportunities.
- Collaboration with reputable institutions like Rutgers and Stevens Institute strengthens OPT's market presence and could lead to additional partnerships in the future.
Potential Negatives
- The press release includes forward-looking statements that carry inherent risks and uncertainties regarding the successful operations of the Rutgers PowerBuoy® and the completion of the Stevens order, which could negatively impact investor confidence if actual results vary from expectations.
- While announcing a new order from Stevens Institute of Technology, the press release does not provide specific financial details or projections regarding the expected revenue from this order, potentially leaving stakeholders unclear about its impact on the company's financial performance.
- The emphasis on the flexibility and upgradeability of the PowerBuoy® may suggest that previous installations or systems required difficult modifications, which could raise concerns about the reliability of older products compared to newer offerings.
FAQ
What is the PowerBuoy® system used for?
The PowerBuoy® system supports ocean research, environmental monitoring, and integrates surface and subsea sensors.
Who is partnering with Ocean Power Technologies for the PowerBuoy® deployment?
Rutgers University is collaborating with Ocean Power Technologies for the successful deployment of the PowerBuoy® system.
What order did Ocean Power Technologies receive from Stevens Institute of Technology?
Ocean Power Technologies received a purchase order for a WAM-V® unmanned surface vehicle from Stevens Institute of Technology.
How does the PowerBuoy® compare to traditional subsea systems?
The PowerBuoy® can be deployed quickly, relocated, and upgraded over time, unlike traditional fixed cable systems.
Where is Ocean Power Technologies headquartered?
Ocean Power Technologies is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPTT Hedge Fund Activity
We have seen 36 institutional investors add shares of $OPTT stock to their portfolio, and 30 decrease their positions in their most recent quarter.
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- UBS GROUP AG added 2,280,904 shares (+134.1%) to their portfolio in Q1 2026, for an estimated $798,316
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- SPINNAKER INVESTMENT GROUP, LLC added 1,041,240 shares (+inf%) to their portfolio in Q1 2026, for an estimated $364,434
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- BLACKROCK, INC. added 511,005 shares (+18.1%) to their portfolio in Q1 2026, for an estimated $178,851
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Full Release
MONROE TOWNSHIP, N.J., June 24, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT) today announced the successful deployment and commissioning of a PowerBuoy ® system off the coast of New Jersey in support of Rutgers, The State University of New Jersey. The Company also announced it has received a purchase order from Stevens Institute of Technology for one of its maritime drones, the WAM-V ® unmanned surface vehicle.
The Rutgers project, supported by the New Jersey Economic Development Authority, is now fully installed and operational. The PowerBuoy ® replaces a legacy ocean monitoring system that relied on fixed seabed cables, providing continuous offshore power and communications without permanent infrastructure. The system will support ongoing ocean research, environmental monitoring, and integration of surface and subsea sensors.
The Stevens Institute of Technology order represents an additional engagement within the academic research market, a market characterized by multi-phase programs, recurring funding cycles, and follow-on deployment opportunities and reflects continued demand for OPT’s autonomous maritime solutions. The maritime drone will support advanced marine research and development initiatives and is currently in production
Philipp Stratmann, Chief Executive Officer of OPT, commented, “The Rutgers deployment reflects our continued focus on converting awarded projects into operational systems and revenue. At the same time, the new order from Stevens demonstrates the repeatability of our offerings within the advanced autonomy and sensor community. We are building a growing base of customers that require ongoing deployments, upgrades, and support. With both Rutgers University and Stevens Institute of Technology based in New Jersey, we are proud to continue our active collaboration within the state.”
Unlike traditional subsea cable systems that require complex installation and are difficult to modify, the PowerBuoy can be deployed quickly, relocated as needed, and upgraded over time. This flexibility supports both initial deployments and follow-on work, including system expansion, sensor integration, and long-term service.
For additional information about OPT, 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 vessels (USVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking products, services and solutions, 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 continuing successful operations of the Rutgers PowerBuoy ® and the effective completion of the Stevens order 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.
CONTACT INFORMATION
Investors: 203-561-6945 or [email protected]
Media: 609-730-0400 x402 or [email protected]
