Ocean Power Technologies Successfully Demonstrates Advanced AI Solutions in the North Atlantic
May 06 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 it has completed multiple offshore
demonstrations for potential customers of its Artificial
Intelligence capable Maritime Domain Awareness Solution, Merrows.
These demonstrations were conducted using the recently deployed
Next Generation PowerBuoy. Further demonstrations for additional
potential customers, including overseas prime contractors, are
already scheduled to occur over the next few weeks.
The successful field demonstrations put OPT into the unique
position of showcasing the fully functional Intelligence,
Surveillance, and Reconnaissance capabilities of the PowerBuoy,
bypassing the need for lengthy paper studies and accelerating the
sales cycle. Built with survivability and cybersecurity in mind,
OPT can securely connect into this solution from anywhere in the
world. In addition to generating actionable intelligence, the data
can also be used as a feed into Large Language Models or other
Advanced AI systems.
Philipp Stratmann, CEO and President of Ocean Power
Technologies, expressed his enthusiasm about this milestone,
stating, "There is no better tool to onboard new customers than to
see our PowerBuoy based Maritime Domain Awareness Solution in its
natural element, the open ocean. These field demonstrations truly
highlight the advanced algorithms of the Merrows offering. They are
helping us advance and accelerate our sales efforts and continue
the revenue growth trajectory we have reported."
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. 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.
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 successful rollout of the
Merrows solution and 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 investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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