Ocean Power Technologies, Inc. (NYSE American: OPTT), also known as OPT, recently announced a groundbreaking Original Equipment Manufacturer (OEM) agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE: TDY). This partnership marks a significant milestone in OPT’s mission to provide innovative and sustainable marine power, data, and service solutions.

At the close of the market at 4:00 PM EDT, the stock price stood at 0.2762, marking an increase of 0.0804 or 41.06%. The positive momentum continued after hours, with the stock reaching 0.2902 by 4:36 PM EDT, a further increase of 0.0140 or approximately 5.0688%. Throughout the day, the stock fluctuated between a low of 0.1850 and a high of 0.2880. Looking at the broader time frame, over the past 52 weeks, the stock has varied between a low of 0.1200 and a high of 0.7700. Trading volume for the day was notably high at 116,828,232, significantly surpassing the average volume of 11,575,054

A Strategic Collaboration to Drive Innovation

As per the press release, the collaboration between OPT and Teledyne Marine is set to transform the maritime technology landscape. By integrating Teledyne’s advanced maritime technology components—including connectors, instruments, and vehicles—into OPT’s offerings, the partnership aims to deliver comprehensive turnkey systems to their customers. This alliance not only enhances OPT’s product portfolio but also positions the company at the forefront of industry innovation.

Philipp Stratmann, CEO of OPT, expressed his enthusiasm about the collaboration: “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 streams.”

William Egan, SVP Sales & Marketing at Teledyne Marine, also commented on the synergy: “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.”

About Ocean Power Technologies

Located in Monroe Township, New Jersey, with an additional office in Richmond, California, Ocean Power Technologies provides intelligent maritime solutions and services that promote safer, cleaner, and more productive ocean operations. Catering to a wide range of markets including defense and security, oil and gas, science and research, and offshore wind, OPT’s PowerBuoy® platforms offer clean and reliable electric power alongside real-time data communications for remote maritime and subsea applications. The company also specializes in WAM-V® autonomous surface vessels (ASVs) and marine robotics services. For more about OPT, visit Ocean Power Technologies.

About Teledyne Marine

Teledyne Marine is a collective of top-tier subsea technology companies under Teledyne Technologies Incorporated. Known for its comprehensive solutions in Imaging, Instruments, Interconnect, Seismic, and Vehicle technology, Teledyne Marine serves various industries such as hydrography, offshore, dredging, defense and security, and marine research. The group’s commitment to innovation is backed by robust customer support and technical expertise. To discover more about Teledyne Marine and its extensive range of subsea technologies, visit Teledyne Marine.

This strategic partnership between Ocean Power Technologies and Teledyne Marine is set to usher in a new era of maritime technological advancements, promising enhanced operational capabilities and innovative solutions for customers across the globe.