Ocean Power Technologies Inc (NYSE-A:OPTT). (OPT) said it will continue to provide its WAM-V 22 Autonomous Surface Vehicle (ASV) asset to a US government agency overseas for its maritime activities through a $0.5 million contract extension.
"OPT is proud to continue our support for the US government with our state-of-the-art WAM-V ASV," OPT CEO Philipp Stratmann said in a statement.
"This contract extension reflects the confidence our clients have in our technology and our ability to deliver reliable and effective solutions. We are grateful for the continued opportunity to play a part in keeping our nation safe and our government agencies supplied with cutting-edge technology."
The company said the contract extends through September 30, 2023. It noted that, with this contract extension and its other contracts, OPT continues to secure recurring revenues that are strengthening its financial position.
OPT’s WAM-V ASV is a versatile ASV that can perform a range of maritime activities, including data collection, surveillance, and communication, efficiently and cost-effectively.
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, clearer, and more productive ocean operations for defense and security, oil and gas, science and research, and offshore wind markets.
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