Ocean Power Technologies Successfully Demonstrates Counter Unmanned Underwater Vehicle Capability
14 May 2024 - 10:39PM
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 successful
demonstrations of a Counter Unmanned Underwater Vehicle (“CUUV”)
WAM-V capability. Recent demonstrations at the Navy League’s Sea
Air Space Exhibition and the Association for Uncrewed Vehicle
Systems International’s Pacific Pivot Event successfully showcased
the ability to detect multiple underwater threats, including,
singular and swarming micro Autonomous Underwater Vehicle (“AUV”).
The results of these successful field demonstrations along with
the Detect to Engage Mine Countermeasures (MCM) USV capability will
be presented by OPT’s Chief Commercial Officer, Matt Burdyny, at
the International Mine Warfare Technology Symposium taking place in
San Diego on 21 -23 May. This solution puts OPT into the unique
position of offering an affordable commercial off the shelf (COTS)
Uncrewed Surface Vehicles (USV) solution that is capable of serving
the mission of the Department of Defense’s Replicator
Initiative.
Mr. Burdyny expressed his enthusiasm about this milestone,
stating, "These field demonstrations further solidify the
operational capability of our COTS WAM-V solution with the
objective of keeping our warfighter safe and removing the man from
the minefield. This capability represents a potential order of
magnitude cost reduction feature to our services. I am excited to
present the results of our demonstrations at the forthcoming Mine
Warfare meetings in San Diego, and advance our ability to deliver
solutions where they’re needed the most. "
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 commercial success of the
CUUV capability and associated COTS WAM-V solution and 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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