Ocean Power Technologies Taps SeaTrepid International for First Remote OPT PowerBuoy® Deployment
December 07 2020 - 9:15AM
Ocean Power Technologies, Inc. ("OPT" or "the Company")
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced it has contracted SeaTrepid
International, LLC to deploy a turnkey PB3 PowerBuoy® and
oceanographic monitoring system off the coast of Chile. Using
remote collaboration tools, the Louisiana-based company's personnel
are virtually training on technical procedures and installation
requirements with the OPT project engineering team to advance a
planned December deployment.
"The global pandemic has caused us to rethink our approach to
deployments in distant locations by using remote collaboration
tools,” said George H. Kirby, President and Chief Executive Officer
of OPT. “Remotely managed system deployments and recoveries that
leverage local contractors and dovetail with existing marine
operations can reduce cost and increase flexibility for our
customers. SeaTrepid’s reputation for safe execution of complex
marine operations gives us great confidence that our first remotely
managed deployment will be successful.”
"We are extremely pleased to be working with the innovative
professionals at OPT," said Bob Christ, Chief Executive Officer of
SeaTrepid. "OPT’s cutting edge technology blends well with our
offshore operations approach of combining unmanned systems, remote
sensing, and applied technical solutions in order to further our
knowledgebase of the world’s ocean environment."
This first-ever third-party installation of a PowerBuoy®
solution without the hands-on participation of OPT personnel comes
due to circumstances created by the global coronavirus pandemic.
International travel restrictions and COVID-19 concerns delayed
deployment initially planned for earlier this year. SeaTrepid is an
experienced marine operations company with a suitable vessel and
experienced crew working in the region.
The system will be deployed off the coast of Las Cruces as an
autonomous offshore platform powering a suite of oceanographic
sensors and transmitting real-time data back to land. OPT shipped a
PB3 PowerBuoy® and several components to Chile this past
spring.
As the balance of the equipment arrives in Chile, OPT project
engineers are supplying detailed procedures and documentation and
will use remote collaboration tools to guide local contractors
through system assembly. OPT will conduct full remote testing from
its New Jersey operations base. SeaTrepid personnel and OPT project
engineers will be in open contact using remote collaboration tools
throughout the operation to ensure a smooth deployment.
About SeaTrepidSeaTrepid International, LLC is
an applied robotic solutions provider offering support for
commercial, public safety, municipal, military and scientific
applications. SeaTrepid owns and operates a variety of robotic
equipment and sensor suites for both inland and offshore customers
worldwide. To learn more, visit www.seatrepid.com.
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative, and cost-effective ocean energy
solutions. Its PowerBuoy® solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.oceanpowertechnologies.com.
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 U.S. Securities and Exchange Commission 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.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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