Ocean Power Technologies, Inc. (NYSE: OPTT) shares broke even first thing Thursday, a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has completed more than four months of offshore testing of its Next Generation PowerBuoy® in the Atlantic Ocean off New Jersey.
The solar and wind power equipped Next Generation PB was equipped with OPT’s proprietary Artificial Intelligence capable Merrows™ suite of solutions. The system maintained 100% data uptime and the state of charge of the batteries remained over 90% throughout the deployment. During the deployment, several Intelligence, Surveillance, and Reconnaissance demonstrations for potential customers were completed.
Having operated offshore during Hurricane Ernesto and Tropical Storm Debby, the system is now back at the OPT facility for integration of the subsea connectors and AT&T’s 5G system that are part of the previously announced deployment for the Naval Postgraduate School in Monterrey. Once all permits are received and factory acceptance testing is complete, the system will be moved to California for installation.
Said CEO Philipp Stratmann expressed his enthusiasm about this milestone, stating, "We are thrilled to announce the successful completion of offshore testing for our solar and wind power capable Next Generation PowerBuoy®, which forms the backbone of our AI-capable Merrows ocean intelligence platform.”
OPTT shares gained 0.16 cents to 17.76 cents.
