Ocean Power Technologies Inc (NYSE-A:OPTT)' win of a $6.5 million contract to provide multiple maritime domain awareness buoys to a U.S. government contractor underpins the opportunities in front of the company, its CEO says.
“We’ve been focusing on setting ourselves up to successfully supply the government, defence and security markets and our ability to deliver for those customers is going to help with other contracts in the space,” Ocean Power CEO Philipp Stratmann told Proactive in a recent interview.
“The retooling of our commercial team and our continued focus on delivering value in that segment is starting to pay dividends… We do see future opportunities coming down the pipeline.”
He added that the new deal showcases how Ocean Power’s multi-buoy systems can improve maritime domain awareness on coastlines.
“We can use our buoys for data, communication nodes, [as a base for] for other vehicles and for other systems that are operating in the area,” Stratmann told Proactive.
“And the ability to combine roaming systems and persistent autonomous systems is really going to enable the deployment of Skynet resident maritime domain awareness around our coasts and other coastlines that need protecting and monitoring.”
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.