Ocean Power Technologies will exhibit its marine solutions at NAVDEX in partnership with Remah International Group in Abu Dhabi.
Quiver AI Summary
Ocean Power Technologies, Inc. (OPT) announced its participation at NAVDEX in Abu Dhabi alongside Remah International Group (RIG), which has been designated as OPT's distributor for defense and security solutions in the UAE. At the exhibition, they will showcase live demonstrations of OPT's WAM-V® Unmanned Surface Vehicles, highlight the Next Generation PowerBuoy®, and present AI capabilities with Merrows™. OPT's CEO expressed excitement about the partnership, emphasizing the potential to enhance the adoption of autonomous ocean security technologies in the UAE’s military operations. The collaboration aims to leverage RIG's extensive industry experience to deliver efficient turnkey services in the region.
Potential Positives
- Ocean Power Technologies will exhibit at NAVDEX in Abu Dhabi, a prestigious exhibition for the naval defense and maritime security sector, showcasing its innovative solutions to current and potential customers.
- The partnership with Remah International Group (RIG) positions OPT favorably within the UAE market, leveraging RIG's extensive experience with the UAE Armed Forces and local industry knowledge.
- Live demonstrations of OPT’s advanced WAM-V® Unmanned Surface Vehicles and other technologies during the event aim to accelerate the adoption of autonomous ocean security services in the region.
- OPT's CEO expressed strong enthusiasm about the partnership and the potential to expand within the Middle East markets, indicating a proactive approach to growth and innovation.
Potential Negatives
- Dependence on the newly appointed distributor, RIG, for successful market penetration in a critical region adds significant risk to OPT's future revenue potential.
- Vague language in the forward-looking statements may contribute to investor uncertainty regarding the actual financial outcomes and success of the partnership.
- Highlighting the potential for autonomous ocean security services may suggest that current offerings are not up to par, prompting questions about existing products' competitivity.
FAQ
What is Ocean Power Technologies showcasing at NAVDEX?
Ocean Power Technologies (OPT) will showcase its WAM-V® Unmanned Surface Vehicles and other innovative marine solutions at NAVDEX.
Who is OPT partnering with for the NAVDEX exhibition?
OPT is partnering with Remah International Group (RIG), which is their distributor for defense solutions in the UAE.
Where will OPT and RIG be located at NAVDEX?
OPT and RIG will be located at berth MB15 and at stand A027 during the NAVDEX event in Abu Dhabi.
What technologies will be demonstrated at NAVDEX?
The demonstration will include the WAM-V® USVs, Next Generation PowerBuoy®, and AI-capable Merrows™ for maritime security.
Why is the partnership with RIG significant for OPT?
The partnership with RIG is significant as it enhances OPT's market presence and capabilities for autonomous ocean security services in the UAE.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPTT Insider Trading Activity
$OPTT insiders have traded $OPTT stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OPTT stock by insiders over the last 6 months:
- TERENCE JAMES CRYAN purchased 100,000 shares for an estimated $14,800
- PETER E. SLAIBY purchased 35,000 shares for an estimated $6,713
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OPTT Hedge Fund Activity
We have seen 19 institutional investors add shares of $OPTT stock to their portfolio, and 13 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SARGENT INVESTMENT GROUP, LLC added 328,000 shares (+164.0%) to their portfolio in Q4 2024, for an estimated $334,560
- GEODE CAPITAL MANAGEMENT, LLC added 270,249 shares (+56.5%) to their portfolio in Q3 2024, for an estimated $42,104
- HRT FINANCIAL LP removed 182,780 shares (-87.3%) from their portfolio in Q3 2024, for an estimated $28,477
- XTX TOPCO LTD added 149,409 shares (+inf%) to their portfolio in Q3 2024, for an estimated $23,277
- UBS GROUP AG removed 114,006 shares (-99.3%) from their portfolio in Q3 2024, for an estimated $17,762
- JANE STREET GROUP, LLC removed 107,097 shares (-67.2%) from their portfolio in Q3 2024, for an estimated $16,685
- ARKADIOS WEALTH ADVISORS added 100,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $102,000
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE TOWNSHIP, N.J., Feb. 10, 2025 (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 will exhibit at NAVDEX in Abu Dhabi with Remah International Group (“RIG”), a privately held and UAE headquartered company with a focus on both military and civilian services. This follows OPT’s appointment of RIG as its distributor for defense and security solutions in the UAE in late 2024. RIG, through its locally owned group of 48 companies, partners with industry leading solution providers globally like Red Cat and SAAB, to ensure the highest levels of service and product are supplied to the UAE. OPT and RIG will offer live demonstrations during NAVDEX of OPT’s WAM-V® Unmanned Surface Vehicles (“USV”), equipped with underwater sensors and capable of aerial drone integration, and exhibit its other capabilities including the Next Generation PowerBuoy ®, and the AI capable Merrows™. OPT and RIG will be at berth MB15 and at stand A027 during the event in Abu Dhabi.
OPT believes that demonstrating its commercially available solutions in partnership with RIG’s leading position in the UAE should drive the rapid acceleration of the adoption of autonomous ocean security services in the region. RIG’s long history as one of the first companies to serve the UAE Armed Forces, its reputation for excellence and knowledge of the local industry, coupled with its key footprint in the UAE, should enable turnkey services to be carried out more efficiently.
Dr. Philipp Stratmann, OPT’s CEO, expressed his enthusiasm about this partnership, stating, "We are very excited to demonstrate our capabilities to current and potential customers during NAVDEX. This is one of the world’s most renowned exhibitions for the naval defense and maritime security sector. Having recently exhibited our capabilities during ADIPED for commercial customers, we are honored and energized to have RIG join us in our efforts to further penetrate Middle East markets. We look forward to advancing several opportunities in the UAE and the broader Middle East markets and we applaud RIG’s forward thinking in adopting autonomous, resident, persistent, and AI-capable ocean security technologies, to address the needs and requirements of the UAE Armed Forces with drone and swarming capabilities across multiple domains, including maritime missions."
For additional information about OPT and its services, please visit our website
Ocean Power Technologies
.
ABOUT
OCEAN
POWER
TECHNOLOGIES
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit
www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS
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 that could be inaccurate and subject to risks and uncertainties, including the ultimate commercial success of the RIG partnership and the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
