Ocean Power Technologies Inc (NYSE-A:OPTT) announced it had delivered the first set of new unmanned surface vehicles (USVs) to Sulmara, as part of a previously announced $1.6 million contract.
The delivery triggers the commencement of lease payments from the provider of offshore survey services, OPT said in a statement.
“We continue to convert pipeline to backlog to revenues to payments,” OPT CEO Philipp Stratmann told investors.
“We are grateful to work with exceptional partners like Sulmara, who continue to deliver renewable and autonomous services for the global offshore energy industry. We look forward to future deliveries and additional opportunities to deploy our assets globally.”
The unmanned surface vehicles are set to be deployed for various operations across the globe, enhancing Sulmara’s capabilities in providing renewable and autonomous services for the offshore energy industry.