Ocean Power Technologies lands $3 million order for marine vehicles in Latin America

Ocean Power Technologies, Inc., a company based in the United States, announced on December 9, 2024, a new partnership worth $3 million in purchase order commitments over the next 36 months in Latin America. This commitment is an increase of $1.5 million from previously announced orders in the same region, marking a significant boost to the company's operations. The announcement underscores the growing demand for innovative marine solutions and reinforces Ocean Power Technologies’ position within the maritime artificial intelligence and robotics sector. Philipp Stratmann, President and CEO of Ocean Power Technologies, expressed his excitement about this achievement, emphasizing the enthusiasm surrounding the company’s expansion in Latin America. This new partnership reflects the company’s continuous dedication to offering advanced maritime solutions aimed at enhancing safety, environmental sustainability, and efficiency in ocean operations. With increased interest in renewable marine energy solutions, this partnership is expected to contribute positively to their business model and support their goal of redefining possibilities in marine artificial intelligence. The company's headquarters are located in Monroe Township, New Jersey, with an additional office in Richmond, California. This strategic expansion comes at a time when global maritime sectors are increasingly looking for cost-effective, low-carbon solutions. By leveraging advanced technologies such as the PowerBuoy platforms, which provide clean and reliable electric power for remote maritime applications, the company aims to better serve various markets including defense, oil and gas, science, research, and offshore wind. The commitment of $3 million in orders also reflects Ocean Power Technologies' growth strategy which relies on forging meaningful partnerships and expanding its operational footprint across various regions. This emphasis on innovation and customer satisfaction continues to drive the company’s success in an increasingly competitive industry.