Ocean Power Technologies Signs Agreement with AltaSea to Advance Wave Power Projects
July 09 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 signed a Memorandum of
Understanding (MOU) with AltaSea at the Port of Los Angeles
(AltaSea). The joint aim is to explore exciting opportunities
within the Blue Economy. This agreement follows a recent visit to
AltaSea by Philipp Stratmann, CEO and President of OPT.
Philipp Stratmann, CEO and President of OPT, expressed his
enthusiasm about this MOU, stating, "As we continue our growth, we
are excited to partner with AltaSea to explore supporting the group
of companies developing and deploying marine energy and Blue
Economy technologies and projects here in the Port of Los Angeles.
We are also excited about the opportunities for staging our
renewable energy PowerBuoys and WAM-V unmanned surface vehicles at
AltaSea for other projects in the Pacific Ocean.”
Jade Clemons, Director of the Blue Sustainable Economy Alliance
at AltaSea, shared, “We couldn’t be more pleased to welcome OPT to
the AltaSea wave and tidal energy coalition. There’s extraordinary
potential, and extraordinary need, for marine energy in California
as the state strives to meet its clean energy goals. The experience
and expertise OPT brings to the space will be valuable to advancing
the industry as a whole statewide.”
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.
About AltaSea at the Port of Los
Angeles
AltaSea at the Port of Los Angeles, located on
35 acres at North America’s leading seaport by both container
volume and cargo value, is an ocean technology campus that has
become the hub for marine science, research, and education. AltaSea
has 27 tenants exclusively focused on ocean innovation and research
collaborations with numerous colleges and universities, including
USC and UCLA – all finding solutions to climate change through the
ocean. AltaSea is dedicated to accelerating scientific
collaboration, advancing an emerging blue economy through business
innovation and job creation, and inspiring the next generation, all
for a more sustainable, just, and equitable world.
For more information on AltaSea, please visit:
https://altasea.org.
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 our new AltaSea
relationship, the continued success of its vehicles and PowerBuoys.
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 investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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