Business
Ocean Power Technologies Awarded Contract to Provide Multiple Unmanned Surface Vehicles for International Defense Customer
Contract will lead to further growth with Allied ForcesMONROE TOWNSHIP, N.J., May 05, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been awarded a contract for multiple WAM-V®s for delivery to certain Allied Forces. The contract includes delivery of vehicles, integrated sensors, and operators as a contractor-owned contrac
About this update from Ocean Power Technologies, Inc.
[{"type":"image","alt":"Ocean Power Technologies, Inc.","displaySize":"","headline":null,"caption":"Ocean Power Technologies, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":67,"url":"https://media.zenfs.com/en/globenewswire.com/d45c6ee84515ee423edc7341cff22d29"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/5G5ltsouE_sl04rToTg85A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTk0O2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/d45c6ee84515ee423edc7341cff22d29","width":300,"height":67}},"lazy":false},{"type":"text","content":"Contract will lead to further growth with Allied Forces","length":55,"tagName":"p"},{"type":"text","content":"MONROE TOWNSHIP, N.J., May 05, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been awarded a contract for multiple WAM-V®s for delivery to certain Allied Forces. The contract includes delivery of vehicles, integrated sensors, and operators as a contractor-owned contractor-operated (COCO) delivery in late Spring 2025.","length":494,"tagName":"p"},{"type":"text","content":"Due to the sensitive nature of this relationship, terms have not been disclosed.","length":80,"tagName":"p"},{"type":"text","content":"This award builds on the recent commercial success of OPT’s vehicles and PowerBuoy®s for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in North America, Latin America, and the Middle East.","length":253,"tagName":"p"},{"type":"text","content":"Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue generating contract, stating, "We believe this agreement is further proof that our systems form an important part of building out the future of ocean security. Using highly adaptable and attritable Unmanned Surface Vehicles, like our WAM-V®, is a cost-efficient force multiplier for surface and seabed warfare efforts for the US Government and other Allied Forces. The dual use nature of our technologies enables us to provide systems to a broad set of customers.”","length":558,"tagName":"p"},{"type":"text","content":"For additional information about OPT and its services, please visit our website Ocean Power Technologi...