Ocean Power Technologies Inc (NYSE-A:OPTT) has been selected as part of a team awarded the National Oceanic and Atmospheric Administration (NOAA)’s ProTech Oceans Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract.
Under the contract, Ocean Power will provide its innovative PowerBuoy systems and WAM-V autonomous surface vessels to assist NOAA’s research and operations.
Ocean Power anticipates a minimum of five years of involvement, with potential revenues reaching several million dollars annually. The broader ProTech IDIQ contract boasts an $8 billion ceiling.
Philipp Stratmann, chief executive and president of Ocean Power Technologies, said: "We are honored to support NOAA's essential work in oceanic and atmospheric science. This contract is a testament to OPT’s commitment to delivering innovative and reliable solutions that can withstand the demanding conditions of marine environments.
“We look forward to working closely with NOAA to advance the understanding and sustainability of our oceans."
The IDIQ contract, which is a mandatory-use vehicle for NOAA, may also be employed by other bureaus within the US Department of Commerce.