Ocean Power Technologies Announces “Merrows”

A Consolidated Solution for Maritime Domain Awareness

Ocean Security is National Security Services for the Defense, National Security, and Offshore Industries

MONROE TOWNSHIP, N.J., April 02, 2024 (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 Merrows, a projected significant instep forward to enhance maritime domain awareness (MDA) and underline the critical importance of ocean security’s role in national security. Merrows will be OPT’s groundbreaking consolidated solution offering comprehensive ocean surveillance. This initiative, which builds on OPT’s recently completed R&D efforts, demonstrates the company's commitment to safeguarding the world's oceans through advanced technology and innovation.

Maritime Domain Awareness represents a complex challenge that encompasses the collection and transmission of data relating to all aspects of, on, under, adjacent to, or bordering on a sea, ocean, or other navigable waterway. OPT’s approach to addressing this challenge involves the deployment of sophisticated Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR) systems. These systems are integrated within OPT's roaming technologies, such as the Wave Adaptive Modular Vessel (WAM-V), and resident technologies, like the PowerBuoys (PB), to offer an unparalleled level of surveillance and data analysis capability.

The data collected by OPT's technologies, underscores the company’s unique position as a system of systems provider. What sets OPT apart is its ability to enhance these data collection capabilities by integrating the WAM-V and PB systems. This integration enables the use of Artificial Intelligence and Machine Learning not only to improve data accuracy and operational efficiency but also delivery actionable intelligence.

Philipp Stratmann, CEO of Ocean Power Technologies, emphasized the importance of this new planned offering, stating, “With the launch of Merrows, we are not just introducing an overarching solution offering but a pivotal shift in how we view and protect our oceans. Ocean security is national security, and through Merrows, OPT is dedicated to providing the technologies and insights necessary to secure our maritime domains. The combination of our roaming and resident solutions, and our capabilities as a system of system provider, enable the use of predictive analytics and Artificial Intelligence for Maritime Domain Awareness.”