Ocean Power Technologies Signs OEM Agreement with Teledyne Marine

June 28, 2024

DENVER, Colo., Jun 28, 2024 (247marketnews.com)- Ocean Power Technologies, Inc. (NYSE:OPTT) reported that it signed an Original Equipment Manufacturer (“OEM”) agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE:TDY), which enhances OPT’s product offerings and drive innovation within the industry providing customers with a turnkey system.

Philipp Stratmann, OPT’s CEO, commented, “We are excited to join forces with Teledyne Marine. This agreement allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers. Our shared commitment to excellence and innovation makes this a natural fit. We believe this partnership further accelerates our growth and enables additional revenue stream.”

William Egan, Teledyne Marine’s SVP Sales & Marketing, stated, “Partnering with OPT aligns perfectly with our core objectives to enable key platform providers to expand their operational capabilities through critical technology enablers and best in class products. We look forward to continuing to expand our partnership and achieve new product offerings.”

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