Ocean Power Technologies Announces The Sale Of A Wave Adaptive Modular Vessel To A New Customer In Latin America, For An Onshore Mining Industry Application, Marking Expansion Into A New Market

Ocean Power Technologies, Inc. ("OPT" or "Company") (NYSE:OPTT), a leader in innovative maritime solutions, today announced the sale of a Wave Adaptive Modular Vessel (WAM-V®) to a new customer in Latin America, for an onshore mining industry application, marking a significant expansion into a new industry.

This latest sale underscores OPT's commitment to delivering cutting-edge autonomous surface vessel (ASV) technology to industries beyond its traditional markets. The customer, whose identity remains undisclosed for confidentiality reasons, operates in the mining sector and will utilize the WAM-V® for bathymetry surveys related to the mining industry. This application demonstrates the WAM-V® adaptability to evolving needs both offshore and onshore.

"This sale represents a major milestone for OPT as we continue to expand the applications of our WAM-V® technology across new industries and geographies," said Philipp Stratmann, CEO at Ocean Power Technologies. "The flexibility and reliability of the WAM-V® platform makes it an ideal solution for a broad range of missions and industries. We are excited to support our new Latin American partner with state-of-the-art autonomous technology tailored to their operational needs. Whether you are operating onshore or offshore, as long as there is a need for a floating system, OPT is ready to support your projects."

The WAM-V® is renowned for its stability, lightweight design, and modular architecture, allowing for quick adaptation to a variety of mission requirements. Its ability to launch from almost anywhere and operate in a range of sea conditions with minimal environmental impact makes it an attractive choice for industries seeking cost-effective and efficient ASV solutions.