Ocean Power Technologies Signs OEM Agreement with Key Maritime Technology Provider Teledyne Marine
28 June 2024 - 7:02AM
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, is pleased to announce the signing of an Original
Equipment Manufacturer (“OEM”) agreement with Teledyne Marine, a
division of Teledyne Technologies Inc. (NYSE: TDY) (“Teledyne”), a
key supplier in the maritime technology inclusive of connectors,
instruments, and vehicles. This strategic partnership aims to
enhance OPT's product offerings and drive innovation within the
industry providing customers with a turnkey system.
Philipp Stratmann, CEO of OPT, expressed his
enthusiasm on the partnership: "We are excited to join forces with
Teledyne Marine. This agreement allows us to leverage Teledyne’s
best-in-class offerings to deliver superior sensor and ocean
technology products to our customers. Our shared commitment to
excellence and innovation makes this a natural fit. We believe this
partnership further accelerates our growth and enables additional
revenue stream."
William Egan, SVP Sales & Marketing of Teledyne
Marine, added: "Partnering with OPT aligns perfectly with
our core objectives to enable key platform providers to expand
their operational capabilities through critical technology enablers
and best in class products. We look forward to continuing to expand
our partnership and achieve new product offerings."
For additional information about OPT and its services, please
visit our website Ocean Power Technologies. Additional information
about Teledyne and its services please visit their website Teledyne
Marine.
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 TELEDYNE MARINE
Teledyne Marine is a group of leading-edge subsea technology
companies that are part of Teledyne Technologies Incorporated.
Through acquisitions and collaboration Teledyne Marine has evolved
into an industry cornerstone, bringing Imaging, Instruments,
Interconnect, Seismic, and Vehicle technology together to provide
total solutions to our customers in such
industries as hydrography, offshore, dredging, defense
and security, marine research and more. Each Teledyne
Marine company is a leader in its respective field, with a shared
commitment to providing premium products backed by
unparalleled expertise, service, and support. Our goal is
to provide one-stop purchasing capability, world-wide customer
support, and the technical expertise to solve your toughest
challenges. A Sea of Solutions...One Supplier. Learn More about
Teledyne Marine.
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 relationship with
Teledyne, the delivery of customer services, 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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