Ocean Power Technologies | OPT Announces Sulmara Subsea Executes…
March 2023

OPT Announces Sulmara Subsea Executes Long-Term Call Off Order for Second WAM-V 16

MONROE TOWNSHIP, N.J., March 14, 2023 – 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 solutions and services, today announced that Sulmara Subsea (“Sulmara”) has executed a long-term call off order for a WAM-V 16 ASV (Autonomous Surface Vehicle) within their existing master service lease agreement with OPT.

This marks the second WAM-V 16 ASV that Sulmara has leased from OPT.

The WAM-V ASV is an uncrewed surface vehicle that delivers high-performance results for a range of offshore applications, including geophysical surveying, environmental monitoring, maritime security, and marine infrastructure inspections. The technology and design of the WAM-V enable efficient data collection and safe operations, contributing to a sustainable offshore energy industry.

The partnership between OPT and Sulmara underscores their commitment to the offshore energy industry and providing environmentally friendly and efficient solutions.

About Sulmara Subsea:

Sulmara Subsea is a global provider of innovative survey and inspection services to the offshore energy sector. The company delivers cost-effective and high-quality solutions to support its customers' operational and regulatory requirements. To learn more, visit www.sulmara.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.


Phone: 609-730-0400 x401

Email: InvestorRelations@oceanpowertech.com


Phone: 609-730-0400 x402

Email: MediaRelations@oceanpowertech.com

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