Ocean Power Technologies, Inc. (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, announced it has signed a Distributor Agreement with Remah International Group (“RIG”), a privately held and UAE headquartered company with a focus on both military and civilian services. Through its locally owned group of 48 companies, RIG partners with esteemed solution providers globally, including Northrop Grumman and SAAB, to ensure the highest levels of service and product are supplied to the UAE. OPT and RIG will collaborate to promote, distribute, sell, and service OPT’s suite of solutions, including its WAM-V® Unmanned Surface Vehicles (“USV”), the Next Generation Powerbuoy®, and the AI capable Merrows™, to the defense and security industry in the UAE. The Agreement is valid immediately and calls for the parties to explore additional expansion and integration of services as demand for OPT’s solutions continues to grow in the UAE.
OPT believes that integrating its commercially available solutions with RIG’s leading position in the UAE should drive the rapid acceleration of the adoption of autonomous ocean security services in the region. RIG’s long history as one of the first company’s setup to service the UAE Armed Forces, its outstanding reputation for excellence and knowledge of the local industry, coupled with its key footprint in the UAE, should enable turnkey services to be carried out more efficiently. RIG will utilize its sales and marketing team to introduce OPT’s solutions to a wide range of defense and security customers. OPT and RIG will work on establishing a local maintenance and support infrastructure, using RIG’s existing full lifecycle support service functionality.
Dr. Philipp Stratmann, OPT’s CEO, expressed his enthusiasm about this partnership, stating, "We are honored and energized to have RIG join us in our efforts to further penetrate Middle East markets. The opportunity to work with RIG is a landmark achievement in our ongoing mission to deploy our products and solutions globally. We are very excited about the prospects of expanding further in the UAE and are humbled that RIG has selected us as a partner. RIG’s unparalleled leadership in the market speaks for itself and we applaud the local industry’s forward thinking in adopting autonomous and sustainable ocean security technologies."
