Ocean Power Technologies Agrees to Deliver Multiple Unmanned Surface Vehicles to US Government

June 26, 2024

DENVER, Colo., Jun 26, 2024 (247marketnews.com)- Ocean Power Technologies, Inc. (NYSE:OPTT) stated that it agreed, in principle, to a sole source contract award for multiple WAM-Vs to be delivered to the US Government, with the final contract award being a Firm-Fixed-Price purchase order on a noncompetitive basis.

OPT’s CEO and President, Philipp Stratmann, commented, “We believe this agreement is further proof that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V, is a cost-efficient force multiplier for the US Government and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers.”

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