Ocean Power Technologies | Ocean Power Technologies Announces…
September 2022

Ocean Power Technologies Announces Subsidiary, Marine Advanced Robotics, Awarded NOAA Phase I SBIR for Disaster Recovery

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MONROE TOWNSHIP, N.J., September 14th, 2022 – Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, announced today Marine Advanced Robotics, a wholly owned subsidiary of Ocean Power Technologies, Inc, has received a NOAA Phase I SBIR for disaster recovery.

The project will focus on dynamic swarming specifically targeting hydrographic surveys related to post disaster recovery efforts. “This work builds upon the collaborative autonomy tools we have been developing and will improve the efficiency at which surveys can be completed after a disaster has occurred”, says Mark Gundersen, VP of Autonomous Vehicles, “our WAM-V (Wave Adaptive Modular Vessel) ASVs (Autonomous Surface Vehicles) will be able to be prepositioned in many instances so that the recovery effort can begin immediately.”

Ocean Power Technologies has been building several technologies targeting the effects of climate change and solutions to help address it. “Ocean data and ocean power will be key in the ongoing development of alternative energy sources and in our ability to respond to the effects of climate change, says Philipp Stratmann, CEO of Ocean Power Technologies, “the technologies we are developing are designed to enable ocean data and energize ocean intelligence.”

A total of 23 companies were awarded SBIR Phase I grants by NOAA (National Ocean and Atmospheric Administration). "The NOAA SBIR Program is excited to support innovative U.S. small businesses and fuel the development of game-changing technologies that solve problems related to climate, weather, oceans, and coasts" said SBIR Program Manager, Genevieve Lind, PhD.

Marine Advanced Robotics is a San Francisco Bay Area based marine robotics company with an innovative class of watercraft based on their patented WAM-V technology. The WAM-V vessel class is the leader in stability, portability, and efficiency. WAM-Vs can be found all over the world performing critical tasks in the maritime environment. You can find out more about WAM-V technology, products, and projects on their website at: www.wam-v.com.

About Ocean Power Technologies

OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

Forward-Looking Statements

This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and 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 Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release