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Ocean Power Technologies Announces Teaming Agreement with Major International Defense Contractor to Deploy Maritime Domain Awareness Solutions
MONROE TOWNSHIP, N.J., April 16, 2024 (GLOBE NEWSWIRE) -- 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 signed a teaming agreement with a major international defense contractor to provide its Merrows suite of solutions with a focus on certain geographic regions. This alliance is set to advance maritime domain awareness through OPT's innovative Maritime Domain Awareness Solution (MDAS).
Under the terms of the agreement, the defense contractor will have exclusive rights to provide OPT's MDAS solution within certain international geographic regions. Leveraging OPT's cutting-edge technology alongside the international contractor’s extensive expertise in defense, homeland security, and commercial programs, the collaboration aims to strengthen the contractor’s capabilities in maritime security and surveillance.
Mr. Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed enthusiasm about the alliance, stating, "We are thrilled to join forces with a major international defense contractor to provide our Merrows suite of solutions to certain international regions. This collaboration underscores our commitment to enhancing maritime security globally, and we are confident that together, we are positioned to achieve remarkable advancements in this field."
MDAS, developed by OPT, integrates state-of-the-art data collection and analysis capabilities to offer comprehensive maritime surveillance, tracking, and monitoring solutions. By combining autonomous marine platforms, including vehicles and buoys, with advanced sensors and data analytics, MDAS enables real-time situational awareness, supporting a wide range of applications including maritime security, environmental monitoring, and search and rescue operations.
MONROE TOWNSHIP, N.J., April 16, 2024 (GLOBE NEWSWIRE) -- 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 signed a teaming agreement with a major international defense contractor to provide its Merrows suite of solutions with a focus on certain geographic regions. This alliance is set to advance maritime domain awareness through OPT's innovative Maritime Domain Awareness Solution (MDAS).
Under the terms of the agreement, the defense contractor will have exclusive rights to provide OPT's MDAS solution within certain international geographic regions. Leveraging OPT's cutting-edge technology alongside the international contractor’s extensive expertise in defense, homeland security, and commercial programs, the collaboration aims to strengthen the contractor’s capabilities in maritime security and surveillance.
Mr. Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed enthusiasm about the alliance, stating, "We are thrilled to join forces with a major international defense contractor to provide our Merrows suite of solutions to certain international regions. This collaboration underscores our commitment to enhancing maritime security globally, and we are confident that together, we are positioned to achieve remarkable advancements in this field."
MDAS, developed by OPT, integrates state-of-the-art data collection and analysis capabilities to offer comprehensive maritime surveillance, tracking, and monitoring solutions. By combining autonomous marine platforms, including vehicles and buoys, with advanced sensors and data analytics, MDAS enables real-time situational awareness, supporting a wide range of applications including maritime security, environmental monitoring, and search and rescue operations.
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