The deployed system has demonstrated reliable renewable power generation, achieving close to 0.5 MWh 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.
“This deployment represents an important validation of our technology, our operational capabilities, and our ability to deliver mission-critical maritime solutions on accelerated timelines,” said Philipp Stratmann, President and Chief Executive Officer of Ocean Power Technologies. “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.”
To support continued growth and execution across its expanding portfolio of deployments, OPT 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.
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 Department of Homeland Security (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 expects to continue providing updates as additional PowerBuoy systems are deployed under its DHS award.
Inducement Grant
In connection with the hiring of Rob O’Malley as US Defense Senior Director of Business Development, and as a material inducement to his employment, OPT’s Compensation Committee approved an inducement award consisting of 65,000 restricted stock units (RSUs). The award was granted pursuant to Section 711(a) of the NYSE American Company Guide and was approved in accordance with 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 his achievement of certain performance targets.
Mr. O’Malley joins OPT as US Defense Senior Director of Business Development. With almost two decades of experience in ocean, defense, and autonomous technologies, he will lead the company’s efforts for US-focused defense sales within the Department of War.
