Ocean Power Technologies Announces Strategic Alliance with Red Cat for Advanced Maritime Defense Solutions

Strengthening Maritime Security: Ocean Power Technologies Integrates Red Cat’s Aerial Drones for Cutting-Edge Intelligence, Surveillance, and Reconnaissance Capabilities

MONROE TOWNSHIP, N.J., April 08, 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 a strategic alliance with Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading drone technology firm specializing in the integration of robotic hardware and software across military, government, and commercial sectors. This collaboration signifies a material step forward in enhancing maritime domain awareness capabilities for air, sea, and subsea defense and security missions.

Through this relationship, OPT's PowerBuoy and WAM-V platforms will be integrated with Red Cat’s Teal 2 Drones, facilitating a new era of autonomous vehicle deployment. This integration aims to provide real-time, actionable intelligence to counter maritime threats, thereby revolutionizing situational awareness and operational safety for reconnaissance and defense forces.

Matt Burdyny, Chief Commercial Officer of Ocean Power Technologies, highlighted the importance of this alliance, stating, "Our collaboration with Red Cat aligns perfectly with our mission to advance maritime autonomy for defense and security missions among other applications. By combining our sustainable, ocean-powered solutions with Red Cat’s advanced drone technology, we are setting a new standard for naval and border protection operations, ensuring increased mission endurance and range.”

The PowerBuoy system, an Uninterruptable Power Supply (UPS) leveraging wave energy, and the WAM-V, a class-leading autonomous surface vehicle (ASV), represent OPT’s commitment to clean, reliable, and innovative maritime solutions. These platforms are designed to operate in a wide range of ocean depths and conditions, providing a sustainable and adaptable solution for powering and supporting maritime operations.

Red Cat’s Teal 2 drones, known for their exceptional night vision capabilities and modular design, complement OPT’s platforms by offering air support that extends the operational capabilities of maritime surveillance and reconnaissance missions. This integration supports the Pentagon's Replicator Initiative, emphasizing drone and swarming capabilities across multiple domains.