MONROE TOWNSHIP, N.J., March 12, 2025 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NYSE:OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it received a binding letter of intent to deploy a PowerBuoy® for an undisclosed customer to demonstrate the survivability and suitability of the system for certain multidomain defense and security applications in extreme sea conditions. This follows the signing of a teaming agreement with a major international defense contractor last year to provide its Merrows™ suite of solutions with a focus on certain geographic regions.
Mr. Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed enthusiasm about the deployment, stating, “We are excited to advance our collaboration and move towards deployment to demonstrate the offshore capabilities and suitability of our intelligence, surveillance, and reconnaissance solutions. This step underscores …
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