OPT Completes Operation with Multiple Unmanned Surface Vehicles for US Government

Source: www.gulfoilandgas.com 5/28/2024, Location: North America

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, announced it has completed a major contractual milestone and concluded operation of several simultaneously deployed WAM-Vs for a Department of the US Government. This milestone enables immediate revenue recognition.

This milestone builds on other recent multi-system deliveries and contract awards.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "The completion of this operation is testament to the utility of our unmanned surface vehicles and the skills of our operators. We look forward to future operations and generating incremental value for our customers and shareholders.”


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