PowerBuoy Demonstrates Successful Field Performance

Ocean Power Technologies’ (OPT) recently deployed MERROWS™-equipped PowerBuoy® system has demonstrated successful field performance and power generation while supporting maritime domain awareness operations for the U.S. Coast Guard off the coast of San Diego.

The deployed system has demonstrated reliable renewable power generation, achieving close to 0.5MWh of energy to date, and sustained operational performance in an active maritime environment, validating OPT’s ability to rapidly deploy and support persistent offshore infrastructure for defense and security applications.

Philipp Stratmann, President and Chief Executive Officer of Ocean Power Technologies, commented, “This deployment represents an important validation of our technology, our operational capabilities, and our ability to deliver mission-critical maritime solutions on accelerated timelines. The system has successfully demonstrated renewable power generation and operational performance in the field, further reinforcing the value of persistent, resident maritime domain awareness capabilities.”

OPT said it is also implementing tools to enhance cross-functional visibility, improve operational decision-making, and help scale execution across manufacturing, deployment, logistics and customer support activities as it supports continued growth across its expanding portfolio of deployments.

Jason Weed, Senior Vice President of Commercial Sales, added, “Customers are increasingly seeking trusted partners that can rapidly deploy and sustain maritime intelligence infrastructure in demanding environments. The successful performance of our DHS deployment, and the integration with Anduril’s Lattice advanced AI-powered control and command system, demonstrate both the maturity of our technology and our readiness to support larger-scale programs.”

The company also announced an inducement award of 65,000 Restricted Stock Units (RSUs) to Rob O’Malley in connection with his appointment as U.S. Defense Senior Director of Business Development. The award was approved by OPT’s Compensation Committee in accordance with Section 711(a) of the NYSE American Company Guide and NYSE American inducement grant rules.

The RSUs will vest over nine months, subject to Mr. O’Malley’s continued employment with the company through the applicable vesting dates and the achievement of certain performance targets.

Mr. O’Malley joins OPT as U.S. Defense Senior Director of Business Development. With almost two decades of experience in ocean, defense and autonomous technologies, he will lead the company’s U.S.-focused defense sales efforts.

OPT expects to continue providing updates as additional PowerBuoy® systems are deployed under its Department of Homeland Security award.