Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it has received a letter contract from a US-based prime contractor with a $6.5 million ceiling to provide multiple maritime domain awareness buoys to strengthen maritime surveillance efforts.
The collaboration with the prime contractor will focus on providing multidomain marine solutions in support of US government agencies, OPT said in a statement.
The company’s PowerBuoys will play a pivotal role in enhancing surveillance capabilities above and below the waterline, contributing significantly to maritime domain awareness initiatives. Additionally, the contract will enable it to advance the preparation of multiple of its Next Generation PowerBuoy systems.
It said the integration of its technology expertise marks a significant stride towards strengthening maritime surveillance efforts, ensuring heightened security and safety within the maritime domain.
“This collaboration exemplifies our commitment to innovation and underscores the crucial role our technology plays in bolstering maritime national security,” OPT CEO Philipp Stratmann commented in a statement.
“We are excited to work alongside our partner to provide state-of-the-art solutions, including multi-buoy arrays, that contribute to a safer maritime environment."
Ocean Power Technologies is a provider of ocean energy and intelligent data services through its innovative, low carbon distributed and autonomous ocean power and data solutions, combined with its offshore engineering and design services.
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