Ocean Power Technologies Completes Delivery of First Set of New WAM-Vs to Sulmara

Source: www.gulfoilandgas.com 6/11/2024, Location: North America

Ocean Power Technologies, Inc. (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has completed a major contractual milestone and delivered the first set of new unmanned surface vehicles under the previously announced $1.6M contract to Sulmara for operations globally. This milestone triggers lease payments to commence.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "The delivery of these vehicles is testament to the execution ability of our team. We continue to convert pipeline to backlog to revenues to payments. We are grateful to work with exceptional partners like Sulmara, who continue to deliver renewable and autonomous services for the global offshore energy industry. We look forward to future deliveries and additional opportunities to deploy our assets globally.”


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