Ocean Power Technologies and HAI Technologies Announce A Joint Application Development and Marketing Agreement
February 06 2017 - 9:29AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or “the
Company”) and HAI Technologies Corp. announced today a strategic
alliance to pursue mutual opportunities through a joint
applications development and marketing agreement with an initial
focus on offshore oil and gas subsea chemical injection systems
where persistent power and real-time data communications are
critical.
Dan Krohn, HAI Technologies General Manager
stated, “HAI has tremendous experience in a variety of technologies
and applications in the offshore oil and gas industry including
subsea chemical systems. Chemical injection techniques are used to
mitigate the diminishing effects of buildup in piping and pumping
systems used in subsea oil production operations. HAI has developed
an innovative, compact and modular approach which moves the
chemical injection system closer to the production field. We
believe HAI Technologies’ advanced chemical injection solutions,
combined with OPT’s PB3 PowerBuoy®, creates a unique opportunity to
pair two distinctive offshore technologies creating new methods to
deal with long distance and remote offshore field
developments. We believe combining subsea chemical injection
components with a local surface power system such as the PB3, is a
new subsea architecture reducing field development cost, and
potentially making an impractical field now practical.”
George Kirby, OPT Chief Executive Officer
stated: “We are excited to join efforts with such an innovative
company as HAI Technologies. Chemical injection systems require
persistent and reliable power, and we believe OPT’s PB3 PowerBuoy®
can provide prime and augmented power and real-time system control
communications which may enable the cost reduction and
simplification of transporting chemicals over long distances. Our
PowerBuoy compliments HAI’s modular approach to chemical injection
systems by providing cost-effective and persistent power and
communications. We are seeing a demand for innovative, cost
saving technologies in the offshore oil and gas industry, and we
believe that HAI Technologies’ innovative chemical injection
capabilities, in combination with OPT’s PowerBuoy, will enable our
customers to overcome technical hurdles and to deliver significant
savings to their operations.”
OPT’s PB3 PowerBuoy® is a reliable and
persistent power and communication platform for remote offshore
applications such as advanced multi-functional sensors, modular
chemical injection systems for subsea oil production operations,
and docking stations for subsea drones. End-users can apply
the PB3 to a suite of mission critical payloads while extending
their range of operation, lowering their operational costs, and
enabling real-time data transfer and decision making.
About Ocean Power Technologies,
Inc.Headquartered in Pennington, New Jersey, Ocean Power
Technologies (NASDAQ:OPTT) is a leader in ocean wave energy
conversion. OPT’s proprietary PowerBuoy® technology is based on a
scalable and modular design. OPT specializes in
cost-effective and environmentally sound ocean wave based power
generation and management technology.
About HAI Technologies CorporationHAI
Technologies, is headquartered in Houston, TX and also operates out
of Rochester NY. HAI Technologies specializes in innovative
products both for high power long wave acoustics, and products for
Oil and Gas subsea field development.
Forward-Looking StatementsThis 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 which could be inaccurate and which
are subject to risks and uncertainties. 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 SEC for a 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.
Company Contact:
Matthew T. Shafer,
Chief Financial Officer and Treasurer
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc
Phone: 516-662-9461
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Sep 2023 to Sep 2024