Ocean Power Technologies Inc (NYSE-A:OPTT) announced it concluded the operation of several simultaneously deployed Wave Adaptive Modular Vehicles (WAM-Vs) for a department of the US Government, a major contractual milestone with immediate revenue recognition.
The provider of innovative and cost-effective low-carbon marine power, data, and service solutions said this milestone builds on other recent multi-system deliveries and contract awards.
OPT CEO Philipp Stratmann expressed his enthusiasm about the milestone.
"The completion of this operation is a testament to the utility of our unmanned surface vehicles and the skills of our operators," Stratmann said.
"We look forward to future operations and generating incremental value for our customers and shareholders."
Investors welcomed the news, sending shares of OPT almost 40% higher to US$0.26 in pre-market trade on Tuesday.