Ocean Power Technologies Inc (NYSE-A:OPTT) earlier this week discussed its recent global expansion strategy and operational resilience in an interview with Proactive.
The company said it continues to pursue “responsible geographic expansions,” focusing on establishing partnerships with regional resellers and service providers. It said this approach enables more efficient delivery and maintenance of its autonomous ocean solutions across various international markets.
Ocean Power Technologies highlighted growth in Latin America, increasing government interest from allied nations, and commercial partnerships across North America as key developments.
The company also addressed global supply chain pressures. It told investors that it has implemented regionally focused supply chains centred near its facilities in California and the Tri-State area. It sources most of its steel from Pennsylvania and aluminium parts from domestic suppliers. It said these steps help mitigate global disruptions and allow continued manufacturing without delays.
It further noted that scaling efforts are supported by growing backlogs in both vehicle and buoy segments. The company said the conversion of identified opportunities into bookings, followed by revenue generation, is a key focus going forward.
Ocean Power Technologies added that it is seeing strong momentum across both the commercial and defence markets, and expects continued growth in autonomous ocean operations.