The Ocean Power Technologies (OPTT) Board has appointed Philipp Stratmann as the new President and Chief Executive Officer

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Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in innovative and efficient low carbon ocean energy solutions, today announced that its Board of Directors has appointed Philipp Stratmann as before its President and Chief Executive Officer (CEO), and a Director. Mr. Stratmann has previously served as OPT’s Vice President of Global Business Development since 2019. In addition, the Board of Directors appointed Matthew T. Shafer, to Senior Vice President, Chief Financial Officer and Treasurer.

Terence J. Cryan, Chairman of OPT’s Board of Directors, said, “Philipp is an experienced executive with a proven track record of developing and implementing measurable business strategies, proven recently in the acquisition of OPT of 3dent Technology.Philip’s knowledge of the Company, his related industry connections, experience in the renewable energy and marine industries, and his leadership skills will drive OPT’s growth in the power solution markets and data solutions. Matt has successfully demonstrated financial leadership over the last 5 years at OPT. Together Philipp and Matt will drive OPT’s continued growth. “

Mr. Stratmann received a Doctorate of Engineering in Management Engineering as well as a Master of Engineering from the University of Southampton in the United Kingdom. He will move from the OPT office in Houston to the New Jersey headquarters. Mr. Shafer, already located in New Jersey, is a Certified Public Accountant, holds an MBA in Finance from Rutgers Business School, and a bachelor’s degree from The Stillman School of Business at Seton Hall University.

Mr. Cryan also expressed gratitude to George H. Kirby, who is leaving OPT to pursue other efforts, for his service as President and CEO since 2015. “Mr. Kirby entered the role of CEO in times of challenge, providing the necessary structure and leadership.He built a solid team and laid the foundation for OPT to successfully move forward, enabling Mr. Stratmann and Mr. Shafer to advance the Company’s core initiatives. “

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