Ocean Power Technologies Inc (OPTT)

[jobynimble]

Ethan Butler Joins OPT as VP Engineering & Operations
May 09, 2022 16:15 ET | Source: Ocean Power Technologies, Inc.

MONROE TOWNSHIP, N.J., May 09, 2022 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced that Ethan Butler joined the Company as Vice President of Engineering & Operations.

Mr. Butler is an accomplished leader with more than 25 years of experience executing commercial and government development programs for products in and around the ocean. He was most recently Director of Program Management with Insulet Corporation and has held leadership positions with Ginko Bioworks, General Dynamics Mission Systems (formerly Bluefin Robotics), Passport Systems, and Raytheon Integrated Defense Systems.

"Ethan's experience – which includes leading the design and customization of autonomous underwater vehicles for the oil and gas industry, first responders, and government agencies around the globe – is tailor-made for this moment at OPT," said Philipp Stratmann, OPT President and Chief Executive Officer. "As the new fiscal year kicks off, we plan to scale production of WAM-V® autonomous surface vehicles, deploy our Maritime Domain Awareness hardware and software, and continue demonstrating our integration capabilities. Ethan will ensure we utilize agile engineering operations that allow continued innovation while accelerating the global adoption of our solutions. His background in autonomous and integrated technology programs makes him a terrific addition to the OPT leadership team."

"I see a unique opportunity to have an impact on a critical stage in the development of OPT," Mr. Butler said. "With a unique combination of data intelligence, offshore power, and engineering capabilities, OPT is poised for growth. I am excited to lead the Company's efforts to integrate PowerBuoy® and WAM-V® technologies, expand and enhance customer-focused solutions, and increase production capacity."

Mr. Butler is a graduate of the Massachusetts Institute of Technology, where he received master's degrees in engineering management and ocean engineering. He received his bachelor's degree from the University of Miami, where he majored in marine science and physics and minored in mathematics and mechanical engineering.

Employment Inducement Grant
The Company granted an inducement award to Ethan Butler, the Company's new Vice President, Engineering & Operations. This award was granted under the Ocean Power Technologies, Inc. Employment Inducement Incentive Award Plan. The Compensation Committee of the Company's Board of Directors granted the inducement award pursuant to Section 711 of the NYSE American Company Guide, consisting of 50,000 restricted shares of the Company's common stock that will vest as to 100% of the granted shares one year after the Grant Date. The award is subject to the same terms and conditions as the equity awards to other officers under the Company's 2015 Omnibus Incentive Plan. This award was made as an inducement, material to obtain the employee's acceptance of employment with the Company.

Full release: https://www.globenewswire.com/en/news-release/2022/05/09/2439100/9069/en/Ethan-Butler-Joins-OPT-as-VP-Engineering-Operations.html