Ocean Power Technologies Announces Strategic Alliance with Red Cat for Advanced Maritime Defense Solutions
April 08 2024 - 8:15AM
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 a strategic alliance with Red Cat
Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading drone
technology firm specializing in the integration of robotic hardware
and software across military, government, and commercial sectors.
This collaboration signifies a material step forward in enhancing
maritime domain awareness capabilities for air, sea, and subsea
defense and security missions.
Through this relationship, OPT's PowerBuoy® and
WAM-V® platforms will be integrated with Red Cat’s Teal 2 Drones,
facilitating a new era of autonomous vehicle deployment. This
integration aims to provide real-time, actionable intelligence to
counter maritime threats, thereby revolutionizing situational
awareness and operational safety for reconnaissance and defense
forces.
Matt Burdyny, Chief Commercial Officer of Ocean
Power Technologies, highlighted the importance of this alliance,
stating, "Our collaboration with Red Cat aligns perfectly with our
mission to advance maritime autonomy for defense and security
missions among other applications. By combining our sustainable,
ocean-powered solutions with Red Cat’s advanced drone technology,
we are setting a new standard for naval and border protection
operations, ensuring increased mission endurance and range.”
The PowerBuoy® system, an Uninterruptable Power
Supply (UPS) leveraging wave energy, and the WAM-V®, a
class-leading autonomous surface vehicle (ASV), represent OPT’s
commitment to clean, reliable, and innovative maritime solutions.
These platforms are designed to operate in a wide range of ocean
depths and conditions, providing a sustainable and adaptable
solution for powering and supporting maritime operations.
Red Cat’s Teal 2 drones, known for their
exceptional night vision capabilities and modular design,
complement OPT’s platforms by offering air support that extends the
operational capabilities of maritime surveillance and
reconnaissance missions. This integration supports the Pentagon's
Replicator Initiative, emphasizing drone and swarming capabilities
across multiple domains.
For more information about Ocean Power
Technologies, 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. 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.
About Red Cat,
Inc.
Red Cat (Nasdaq: RCAT) is a drone technology
company integrating robotic hardware and software for military,
government and commercial operations. Red Cat’s solutions are
designed to “Dominate the Night™” and include the Teal 2, a small
unmanned system offering the highest-resolution thermal imaging in
its class. Learn more at www.redcat.red.
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 ultimate success of the Red Cat and
OPT alliance. 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 OPTT@investor.morrowsodali.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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