MONROE TOWNSHIP - Ocean Power Technologies, Inc. ('OPT' or 'the Company') (Nasdaq: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced financial results for the first quarter of fiscal year 2021 ended July 31, 2020.
Recent Operational Highlights
OPT announced two complementary new products: the hybrid PowerBuoy with solar panels and an efficient Stirling engine to power payloads independent of wave activity and the Subsea Battery that is compatible with PowerBuoy products or deployable as a standalone power source.
The Company unveiled a Surface Surveillance Solution integrating high-definition radar and cameras with state-of-the-art security sensors and software to enable agencies and organizations seeking to secure marine assets and territorial waters.
OPT expanded its sales team with an Indonesia-based Southeast Asia representative to execute the Company's customer expansion strategy in the region.
The Company opened a Houston office strategically located adjacent to the city's Energy Corridor as a base for regional sales and business development activities in support of Gulf of Mexico and broader U.S. and South America opportunities.
OPT's PB3 PowerBuoy on lease to Eni and deployed in the Adriatic Sea reached a milestone surpassing more than 600 days of continuous operation.
'We are fielding strong demand for proposals of OPT solutions from diverse markets,' said George H. Kirby, President and Chief Executive Officer of OPT. 'With new products and solutions, and an expanding sales and business development presence, we believe that we are well-positioned to deliver on our commitment to grow our revenue.'
About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications.
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 which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company.