Monroe Township-based Ocean Power Technologies recently announced that it completed several previously announced milestones and initiatives, including reallocation of headcount toward commercialization that it believes will enhance shareholder value.
The provider of ocean energy and intelligent data services said it now has fully commercialized customer solutions, a robust pipeline and several recent commercial wins, with expectations of achieving profitability in calendar year 2025.
“Now that OPT’s research & development phase has been substantially completed, we have reallocated headcount towards execution and commercialization and are fully focused on this next phase of the company’s evolution,” OPT CEO Philipp Stratmann said.
“As we have consistently stated, we are seeing meaningful progress in orders, pipeline and backlog across our business.”
OPT also noted that it has divested its strategic consulting team so that it can more fully focus its efforts and resources on commercialization — particularly for the national security and defense markets.
The company added that recent achievements in R&D, such as the WAM-V charging demonstration and the Mass-On-Spring-Wave-Energy-Converter, or MOSWEC, developments, have enabled additional reallocation of headcount and a material reduction in third-party expenditure.