Ocean Power Technologies Announces 12-Month Lease Agreement With Stanford Doerr School Of Sustainability For PowerBuoy System Currently Deployed In Monterey Bay, California, To Support Marine Research

Ocean Power Technologies, Inc. ("OPT" or the "Company") today announced a 12-month lease agreement with the Stanford Doerr School of Sustainability for the PowerBuoy® system currently deployed in Monterey Bay, California, to support marine research.

The system was previously leased to the Naval Postgraduate School (NPS) in support of field experimentation exercises. The planned arrangement would transfer the system’s lease to the school while retaining its current deployment location. Researchers plan to use the platform to extend field deployment and data collection at Hopkins Marine Station.

The leased system includes the PowerBuoy, three-point mooring hardware, and OPT’s Maritime Domain Awareness System (MDAS). OPT’s engineering team in New Jersey will provide remote buoy monitoring, diagnostics, and maintenance throughout the lease. Procurement and integration of third-party research instruments or payloads would be addressed under separate arrangements.

OPT’s PowerBuoy will support joint research under a Cooperative Research and Development Agreement with the Naval Postgraduate School. This joint effort is a collaborative project and one of several efforts resulting from the Integrated Ocean Science and Technology Workshop held with NPS earlier this year. These projects are part of the continuing effort to develop impactful solutions under an Educational Partnership Agreement between the school and NPS.