Ocean Power Technologies plans to deploy a PowerBuoy® for defense applications in extreme sea conditions, partnering with a major contractor.
Quiver AI Summary
Ocean Power Technologies, Inc. (OPT) announced on March 12, 2025, that it has received a binding letter of intent to deploy its PowerBuoy® for an undisclosed customer, aimed at demonstrating the system's survivability and suitability for multidomain defense and security applications in extreme sea conditions. This development follows a collaboration agreement with a major international defense contractor to enhance maritime solutions. CEO Philipp Stratmann expressed optimism about the deployment, emphasizing the company's commitment to improving global maritime security through innovative intelligence, surveillance, and reconnaissance solutions. Ocean Power Technologies focuses on providing intelligent maritime services for various sectors, including defense, energy, and research, with its headquarters in Monroe Township, New Jersey.
Potential Positives
- Received a binding letter of intent to deploy a PowerBuoy® for a defense application, indicating potential new business opportunities.
- Demonstrates collaboration with a major international defense contractor, enhancing the company's credibility in the defense sector.
- Highlights commitment to maritime security and the advancement of intelligence, surveillance, and reconnaissance solutions.
Potential Negatives
- The press release mentions a binding letter of intent to deploy a PowerBuoy®, but does not provide specifics about the customer or the terms, which could lead to uncertainty about the actual commitment and viability of the prospective deployment.
- The forward-looking statements highlight the reliance on assumptions and estimates that could be inaccurate, indicating potential risks regarding the company's future performance and the success of its partnerships, which may concern investors.
- The necessity to reference its most recent Forms 10-Q and 10-K suggests that the company may be facing underlying financial uncertainties that require further scrutiny from stakeholders.
FAQ
What is the recent announcement from Ocean Power Technologies?
Ocean Power Technologies announced a binding letter of intent to deploy a PowerBuoy® for a customer in defense applications.
What is the purpose of deploying the PowerBuoy®?
The PowerBuoy® is intended to demonstrate its survivability and suitability for multidomain defense and security applications in extreme sea conditions.
Who is Ocean Power Technologies collaborating with?
They are collaborating with a major international defense contractor to enhance maritime security solutions.
What solutions does Ocean Power Technologies provide?
OPT offers low-carbon marine power, intelligence solutions, and data services, including the Merrows™ suite and PowerBuoy® platforms.
Where is Ocean Power Technologies headquartered?
The company's headquarters is located 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 Insider Trading Activity
$OPTT insiders have traded $OPTT stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OPTT stock by insiders over the last 6 months:
- TERENCE JAMES CRYAN purchased 100,000 shares for an estimated $14,800
- PETER E. SLAIBY purchased 35,000 shares for an estimated $6,713
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OPTT Hedge Fund Activity
We have seen 26 institutional investors add shares of $OPTT stock to their portfolio, and 12 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 1,970,634 shares (+inf%) to their portfolio in Q4 2024, for an estimated $2,010,046
- VANGUARD GROUP INC added 1,470,761 shares (+83.6%) to their portfolio in Q4 2024, for an estimated $1,500,176
- SARGENT INVESTMENT GROUP, LLC added 328,000 shares (+164.0%) to their portfolio in Q4 2024, for an estimated $334,560
- GEODE CAPITAL MANAGEMENT, LLC added 264,382 shares (+35.3%) to their portfolio in Q4 2024, for an estimated $269,669
- STATE STREET CORP added 181,100 shares (+92.3%) to their portfolio in Q4 2024, for an estimated $184,722
- XTX TOPCO LTD removed 120,682 shares (-80.8%) from their portfolio in Q4 2024, for an estimated $123,095
- ARKADIOS WEALTH ADVISORS added 100,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $102,000
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE TOWNSHIP, N.J., March 12, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (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 received a binding letter of intent to deploy a PowerBuoy ® for an undisclosed customer to demonstrate the survivability and suitability of the system for certain multidomain defense and security applications in extreme sea conditions. This follows the signing of a teaming agreement with a major international defense contractor last year to provide its Merrows™ suite of solutions with a focus on certain geographic regions.
Mr. Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed enthusiasm about the deployment, stating, "We are excited to advance our collaboration and move towards deployment to demonstrate the offshore capabilities and suitability of our intelligence, surveillance, and reconnaissance solutions. This step underscores our commitment to enhancing maritime security globally, and we are confident that together with our partners, we will achieve remarkable advancements in this field."
For more information about Ocean Power Technologies and its Maritime Domain Awareness Solution, visit www.OceanPowerTechnologies.com.
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 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 success of the alliance with the international defense contractor. 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.
