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Ocean Power Technologies to Support Marine Research with PowerBuoy Platform

OPTT
  • Ocean Power Technologies Inc. signed a 12-month lease agreement with the Stanford Doerr School of Sustainability for its PowerBuoy® system in Monterey Bay, California.
  • The PowerBuoy was previously leased to the Naval Postgraduate School for field experimentation exercises.
  • Researchers will use the platform to extend field deployment & data collection at Hopkins Marine Station under the new arrangement.
  • The leased assets include the PowerBuoy, three-point mooring hardware, & the Maritime Domain Awareness System (MDAS).
  • OPT's engineering team in New Jersey will provide remote monitoring, diagnostics, & maintenance throughout the lease term.
  • Procurement & integration of third-party research instruments or payloads will be handled under separate arrangements.
  • The PowerBuoy will support joint research under a Cooperative Research & Development Agreement with the Naval Postgraduate School.
  • This collaboration is part of an Educational Partnership Agreement between Stanford & NPS following an Integrated Ocean Science & Technology Workshop earlier this year.
  • Company executives stated the transition demonstrates the value of keeping the PowerBuoy in Monterey Bay to provide continuous power, communications, & a base for field operations.
  • OPT offers intelligent maritime systems for defense, offshore energy, science, research, & offshore wind applications.
  • The press release includes forward-looking statements regarding anticipated use & capabilities, noting risks that could cause actual results to differ from expectations.
  • Media & investor contacts for Ocean Power Technologies are listed as 609-730-0400 extensions 401 & 402, respectively.
Company
Ocean Power Technologies, Inc.
Keywords
NYSE:OPTT, Ocean Power Technologies, Inc., $OPTT, AI Maritime Solutions, Autonomous Ocean Platforms, Maritime Domain Awareness, Ocean Power Technologies