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|Ocean Power Technologies Establishes New Business Unit to Drive Growth|
While OPT continues actively to pursue its grid-connected Utility Systems business, the new business unit will aim to leverage OPT's leadership position in the development and ocean testing of Autonomous PowerBuoys.
Both Utility and Autonomous markets are served by the same fundamental PowerBuoy technology, though the key drivers of the Autonomous market are the application-specific needs of the prospective customers. OPT's products for this market have been developed for off-grid applications such as defense and homeland security, offshore Oil and Gas operations and oceanographic data gathering. The Company believes the Autonomous PowerBuoy market may represent a significant opportunity for profitable growth.
The Company has appointed Dr.
Dr. Hart commented, "This is an exciting step forward for OPT as we seek to focus on and accelerate the commercialization of our Autonomous product offerings. Our success on projects and long-term relationships within the US defense sector have demonstrated a recurring need on which OPT's new business unit can capitalize and leverage for further growth. Autonomous PowerBuoys represent a key opportunity for OPT to realize significant profitable revenue. Building on the new and unique technology which has been successfully developed over my tenure as CTO, I believe that with great products and a diverse market, my new team has the potential to build a sustainable and large revenue stream for OPT."
Dunleavy continued, "We are making important progress in the development of our Utility PowerBuoy operations and the expansion of our grid-connected sales around the globe. We also plan to announce the hiring of a Vice President of Engineering to take over Phil's prior responsibilities and round out the management team. These moves will allow
The changes reflect the expansion of OPT's core PowerBuoy offering, which, in response to customer demand, now encompasses a greater range of Autonomous products and services. For example, the Company's APB-350, or LEAP, Autonomous product features an on-board enhanced tracking technology covering a wider range of vessel surveillance, including both HF radar and acoustic sensors.
The Company's business development activities in the Utility sector will remain focused on higher output devices for grid-connected wave power stations.
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K and subsequent filings with the
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