Ocean Power Technologies Signs $0.5M Extension to Provide WAM-V® 22 for ongoing Activities Overseas

MONROE TOWNSHIP, N.J., April 21, 2023 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative, cost-effective, and autonomous low-carbon marine data, power, and consulting service solutions, is pleased to announce a $0.5M extension of its contract to continue providing their WAM-V^® 22 Autonomous Surface Vehicle (USV) asset to a US Government Agency Overseas for ongoing autonomous maritime activities.

The contract extends through September 30, 2023, and is a testament to the capabilities of the WAM-V^® ASV and OPT's skilled operators, securing recurring revenues and supporting the company's long-term growth plans and anticipated path to positive cash flow.

"Ocean Power Technologies is proud to continue our support for the US Government with our state-of-the-art WAM-V^® ASV," said Philipp Stratmann, President, and CEO of OPT. "This contract extension reflects the confidence our clients have in our technology and our ability to deliver reliable and effective solutions. We are grateful for the continued opportunity to play a part in keeping our nation safe and our Government Agencies supplied with cutting-edge technology."

OPT's WAM-V^® ASV is a leading-edge autonomous surface vehicle that provides versatile, efficient, and cost-effective capabilities for a wide range of maritime applications. Its advanced technology enables it to perform a variety of tasks, including data collection, surveillance, and communication, making it an invaluable asset in maritime exercises and operations.

With this contract extension, OPT continues to strengthen its financial position through recurring revenues from this contract and others like it. This success underscores OPT's commitment to providing innovative and reliable marine solutions and supporting its clients' needs in the ever-evolving maritime landscape.

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. 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 vehicles (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit .

Forward-Looking Statements

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