Ocean Power Technologies Inc (NYSE-A:OPTT) has signed a teaming agreement with a major international defense contractor.
The marine power and services specialist told investors in a statement that the new deal envisages the deployment of its Maritime Domain Awareness Solution (MDAS) across specific international regions.
It sees the contractor exclusively deploy OPT's MDAS in designated areas, enhancing both companies' capabilities in maritime security and surveillance.
The collaboration is expected to leverage OPT's innovative technology with the contractor's extensive experience in both defense and commercial programs.
“We are thrilled to join forces with a major international defense contractor to provide our Merrows suite of solutions to certain international regions,” chief executive Philipp Stratmann said.
“This collaboration underscores our commitment to enhancing maritime security globally, and we are confident that together, we are positioned to achieve remarkable advancements in this field."
OPT’s MDAS integrates advanced sensors and data analytics with autonomous marine platforms, such as vehicles and buoys, to give comprehensive real-time situational awareness for applications including maritime security, environmental monitoring, as well as search and rescue operations.