Ocean Power Technologies, Inc. (NYSE: OPTT) noticed its shares decline at Monday’s open. The Monroe Township, New Jersey-based company a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced a strategic alliance with Red Cat Holdings, Inc. (NASDAQ: RCAT), a leading drone technology firm specializing in the integration of robotic hardware and software across military, government, and commercial sectors. This collaboration signifies a material step forward in enhancing maritime domain awareness capabilities for air, sea, and subsea defense and security missions.
Through this relationship, OPT's PowerBuoy® and WAM-V® platforms will be integrated with Red Cat’s Teal 2 Drones, facilitating a new era of autonomous vehicle deployment. This integration aims to provide real-time, actionable intelligence to counter maritime threats, thereby revolutionizing situational awareness and operational safety for reconnaissance and defense forces.
Matt Burdyny, Chief Commercial Officer of Ocean Power Technologies, highlighted the importance of this alliance, stating, "Our collaboration with Red Cat aligns perfectly with our mission to advance maritime autonomy for defense and security missions among other applications. By combining our sustainable, ocean-powered solutions with Red Cat’s advanced drone technology, we are setting a new standard for naval and border protection operations, ensuring increased mission endurance and range.”
OPTT shares were lower 0.4 cents, or 1.5%, to 25.70 cents, while those for RCAT leaped four cents, or 4.9%, to 82 cents.
