$OPTT as the virus slowly begins to become under control and funds start to be available for some countries this Letter of Intent would be quite large to Ocean Power Tech imo.
MONROE TOWNSHIP, N.J., Feb. 28, 2020 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced that it has signed a letter of intent with Taiwan-based BAP Precision, Inc. (“BAP”) to provide PowerBuoy® joint surveillance solutions for government agency contract pursuits for policing territorial waters.
“BAP is an established provider of satellite data solutions for industry and government applications and I’m excited to formalize our relationship,” said George Kirby, OPT President and Chief Executive Officer. “The company’s satellite surveillance services are an excellent complement to OPT’s PB3 and hybrid PowerBuoy® surveillance and Exclusion Zone Monitoring™ solutions.”
OPT and BAP are initially focusing on solutions for multiple agencies of Southeast Asian island nations seeking to meet the challenges of protecting fisheries, trafficking, and foreign encroachment upon territorial waters. A combination of predictive satellite and tactical marine monitoring capabilities interfacing with a grid of interconnected PowerBuoy® surveillance solutions has been proposed.
“With cutting edge radar and sonar equipment tied into satellite data, it is possible to create an autonomous, zero-emission advance warning system over a previously untenable expanse, enabling intelligent monitoring and interdiction cues for marine authorities, backed with photo/video, AIS tracking, and other evidence to aid prosecution,” Kirby added. “We are in discussions with surveillance equipment providers from the global defense and security industry to provide an integrated package. Coupled with our existing service partnerships, this enables OPT to provide an end-to-end solution for our clients in the governmental and environmental protection space.”
Such a surveillance solution would be suitable for monitoring fishery activities, supporting border surveillance and asset protection, and protecting critical marine habitats in waters throughout the world.
“We are intent on entering new markets and our agreement with BAP Precision to pursue government-based surveillance opportunities in Asia is a testament to that pursuit,” concluded Kirby. “BAP Precision’s abilities and current governmental contracts and relationships are a distinct asset in proposing wide-scope solutions for modern maritime security challenges in the region.”
About the OPT PB3 PowerBuoy®
The OPT PB3 PowerBuoy® integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. The result is a leading edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and carbon-free electricity for offshore applications. PB3 PowerBuoy® solutions are tailored to customer needs including monitoring, surveillance, subsea charging and connectivity for the offshore industries including oil and gas, science and research, and telecommunications.
