Ocean Power Technologies announces company has charted course to profitability

Philipp Stratmann, CEO of Ocean Power Technologies, shared exciting developments and initiatives aimed at achieving profitability in 2025 during an interview with Steve Darling from Proactive.

One significant initiative involves the divestment of Ocean Power Technologies' non-core strategic consulting team. This strategic move will result in more than 50% of the company's employees being dedicated to customer delivery, reinforcing its focus on commercialization and revenue generation.

Ocean Power Technologies has also reached an advanced stage in its research and development efforts, which positions the company to achieve profitability at a much quicker pace.

Stratmann emphasized that this expectation does not account for any extraordinary expenses that could potentially require additional capital from financing sources.

In addition to these initiatives, the company has appointed Matt Burdyny to the newly created role of Chief Commercial Officer. Burdyny will spearhead commercialization efforts aimed at supporting Ocean Power Technologies' financial goals.

Notably, the majority of the company's team comprises US military and NATO veterans, as well as staff with security clearances, strengthening its capabilities in critical areas.

These strategic actions underscore Ocean Power Technologies' commitment to achieving profitability while advancing its innovative technologies in the renewable energy sector. As the company continues to grow and expand its commercialization efforts, it aims to play a significant role in addressing the world's energy challenges through sustainable solutions.

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