Ocean Power Technologies Inc (OPTT)

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$OPTT OPT and SubCtech Explore Joint Opportunities
OPT and marine technologies company SubCtech have agreed to collaborate on mutually beneficial solutions in North America and the European Union. The privately held German firm specializes in Li-Ion batteries for vehicles, subsea and offshore use, as well as surface and subsea environmental monitoring technologies, including its OceanPack™ product line.

“We are looking forward to working with a leader in the electrification of vehicles and offshore operations,” said Philipp Stratmann, OPT President and CEO. “OPT’s and SubCtech’s product and solutions have obvious synergies, and we are jointly exploring opportunities for combined deployments, as well as potential deepwater and WAM-V® optimization projects.”

“OPT as a global player in energy storage systems and innovative vehicles is an ideal partner for joint business development,” said Stefan Marx, SubCtech CEO and founder. “With our joint solutions, we offer products and services for new markets. Sustainable, safe and efficient energy solutions in the ocean will become increasingly important.”