Ocean Power Technologies to take its wave-powered buoy to Middle East 

U.S.-based marine energy firm Ocean Power Technologies (OPT) has been selected as a preferred supplier for its wave-powered buoy, PowerBuoy, for delivery in the Middle East.

OPT’s PowerBuoy is equipped with Merrows, which is its artificial intelligence (AI) maritime domain awareness solution. This contract, when finalized, will generate revenues this quarter. The company previously completed engineering for Merrows in hot climates.

OPT did not reveal any other information about the contract, stating that details remain confidential. 

“In addition to the material growth of our WAM-V business, we are excited to continue growing our PowerBuoy business,” said Philipp Stratmann, CEO and President of OPT.

“We believe that the Middle East offers a lot of opportunities for Merrows, and we look forward to further growth in the region. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations.”

OPT’s PBs are wave-powered energy devices that can act as uninterruptable power supply (UPS) devices that recharge themselves by harvesting energy from waves. PBs are ocean-deployed, moored, and floating over the point of use. 

OPT hit nearly 15 MWh of renewable energy production this May from its family of PBs globally. Energy generation numbers are drawn from deployments in the Atlantic, Pacific, Mediterranean, and North Sea.

Regarding other recent activities of OPT and its PBs, in December 2023 the company won a letter contract with a $6.5 million ceiling for its wave-powered buoys to bolster maritime domain awareness for us government agencies.