Ocean Power Technologies Awarded Contract for Its Merrows Buoy in the Middle East

DENVER, Colo., Jul 15, 2024 (247marketnews.com)- Ocean Power Technologies, Inc. (NYSE:OPTT) stated it was awarded a contract for immediate delivery of a PowerBuoy equipped with Merrows, Ocean Power’s AI capable Maritime Domain Awareness Solution, to the Midde East, which will generate revenues in the current quarter and is the first confirmed order since being selected as preferred supplier for its Merrows equipped buoys in the region.

Philipp Stratmann, Ocean Power’s CEO and President, commented, “We are continuing to grow our business across all our solutions, WAM-Vs and PowerBuoys. We believe this shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations and to put ocean intelligence into their hands.”

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