Ocean Power Technologies Inc (NYSE-A:OPTT) has reported successful power generation from its MERROWS-equipped PowerBuoy system deployed off the coast of San Diego in support of US Coast Guard maritime domain awareness operations.
The system has generated close to 0.5MWh of energy to date and has maintained operational performance in an active maritime environment.
“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 CEO Philipp Stratmann.
Senior vice president of commercial sales Jason Weed said the deployment’s performance, alongside integration with Anduril’s Lattice AI-powered command and control system, demonstrates the company’s readiness to support larger-scale programs.
The company said it is also implementing tools to improve operational decision-making and scale execution across manufacturing, deployment, logistics, and customer support.
Separately, OPT said its compensation committee has approved an inducement award of 65,000 restricted stock units to Rob O’Malley, hired as U.S. Defense Senior Director of Business Development. The RSUs will vest over nine months, subject to continued employment and achievement of certain performance targets.
O’Malley brings nearly two decades of experience in ocean, defense, and autonomous technologies.
Shares of OPT gained nearly 3% on Monday morning at $0.30.