Ocean Power Technologies Strengthens Leadership with Appointment of Jason Weed as Senior Vice President – Commercial Sales

Ocean Power Technologies, Inc. (OPTT), a leader in low-carbon and artificial intelligence-driven maritime services, has taken a significant step towards bolstering its position in the defense and security industries by appointing Jason Weed as Senior Vice President – Commercial Sales. Weed's extensive 34-year career in the U.S. Navy, including leadership roles such as Commodore of the Navy’s first Uncrewed Undersea Vehicle Squadron and Commanding Officer of the USS New Hampshire, brings invaluable experience to OPT. His background in integrating AI and machine learning into maritime operations is poised to accelerate the company's strategic initiatives in these critical sectors.

Philipp Stratmann, President and CEO of OPT, emphasized the importance of Weed's defense leadership and maritime operational expertise in driving the company's expansion in the defense and security market. Weed's appointment follows the departure of Matt Burdyny, who has pursued opportunities outside the company. To align Weed's interests with OPT's long-term goals, he was granted an inducement award comprising 500,000 restricted share units vesting over two years and an additional 150,000 performance-based restricted stock units.

OPT's innovative solutions, such as the PowerBuoy® platforms and WAM-V® autonomous surface vessels, are designed to enhance the safety and efficiency of ocean operations across various industries. The addition of Jason Weed to the OPT leadership team underscores the company's commitment to innovation and leadership in the maritime sector, particularly in leveraging cutting-edge technologies to meet the evolving needs of defense and security markets.