Ethan Butler Joins OPT as VP Engineering & Operations
09 Mai 2022 - 10:15PM
Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE
American: OPTT), a leader in innovative and cost-effective
low-carbon marine data, power, and consulting service solutions,
today announced that Ethan Butler joined the Company as Vice
President of Engineering & Operations.
Mr. Butler is an accomplished leader with more
than 25 years of experience executing commercial and government
development programs for products in and around the ocean. He was
most recently Director of Program Management with Insulet
Corporation and has held leadership positions with Ginko Bioworks,
General Dynamics Mission Systems (formerly Bluefin Robotics),
Passport Systems, and Raytheon Integrated Defense Systems.
"Ethan's experience – which includes leading the
design and customization of autonomous underwater vehicles for the
oil and gas industry, first responders, and government agencies
around the globe – is tailor-made for this moment at OPT," said
Philipp Stratmann, OPT President and Chief Executive Officer. "As
the new fiscal year kicks off, we plan to scale production of
WAM-V® autonomous surface vehicles, deploy our Maritime Domain
Awareness hardware and software, and continue demonstrating our
integration capabilities. Ethan will ensure we utilize agile
engineering operations that allow continued innovation while
accelerating the global adoption of our solutions. His background
in autonomous and integrated technology programs makes him a
terrific addition to the OPT leadership team."
"I see a unique opportunity to have an impact on
a critical stage in the development of OPT," Mr. Butler said. "With
a unique combination of data intelligence, offshore power, and
engineering capabilities, OPT is poised for growth. I am excited to
lead the Company's efforts to integrate PowerBuoy® and WAM-V®
technologies, expand and enhance customer-focused solutions, and
increase production capacity."
Mr. Butler is a graduate of the Massachusetts
Institute of Technology, where he received master's degrees in
engineering management and ocean engineering. He received his
bachelor's degree from the University of Miami, where he majored in
marine science and physics and minored in mathematics and
mechanical engineering.
Employment Inducement GrantThe
Company granted an inducement award to Ethan Butler, the Company's
new Vice President, Engineering & Operations. This award was
granted under the Ocean Power Technologies, Inc. Employment
Inducement Incentive Award Plan. The Compensation Committee of the
Company's Board of Directors granted the inducement award pursuant
to Section 711 of the NYSE American Company Guide, consisting of
50,000 restricted shares of the Company's common stock that will
vest as to 100% of the granted shares one year after the Grant
Date. The award is subject to the same terms and conditions as the
equity awards to other officers under the Company's 2015 Omnibus
Incentive Plan. This award was made as an inducement, material to
obtain the employee's acceptance of employment with the
Company.
About Ocean Power
TechnologiesOPT provides intelligent maritime solutions
and services that enable safer, cleaner, and more productive ocean
operations for the defense and security, oil and gas, science and
research, and offshore wind markets. Our PowerBuoy® platforms
provide clean and reliable electric power and real-time data
communications for remote maritime and subsea applications. We also
provide WAM-V® autonomous surface vessels (ASVs) and marine
robotics services through our wholly owned subsidiary Marine
Advanced Robotics. We are headquartered in Monroe Township, New
Jersey, and have offices in Houston, Texas, and Richmond,
California. To learn more, visit
www.OceanPowerTechnologies.com.
Forward-Looking StatementsThis
release may contain forward-looking statements that are within the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are identified by certain
words or phrases such as "may", "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate",
"estimate", "intend", "plan", "contemplate", "seek to", "future",
"objective", "goal", "project", "should", "will pursue" and similar
expressions or variations of such expressions. These
forward-looking statements reflect the Company's current
expectations about its future plans and performance. These
forward-looking statements rely on a number of assumptions and
estimates that could be inaccurate and subject to risks and
uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by
the Company. Please refer to the Company's most recent Forms 10-Q
and 10-K and subsequent filings with the U.S. Securities and
Exchange Commission for further discussion of these risks and
uncertainties. The Company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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