Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has been selected as preferred supplier for a PowerBuoy equipped with its AI-Maritime Domain Awareness Solutions Merrows for immediate delivery for an opportunity in the Middle East.
Shares of the provider of intelligent maritime solutions and services moved higher on the news, adding 8.5% at US$0.14 in early trade on Monday.
It said the contract, once finalized, will generate revenues in the current quarter. It noted that due to the confidential nature of the award, details will not be disclosed.
OPT highlighted that this award follows the previously announced completion of engineering for Merrows in hot climates.
"In addition to the material growth of our WAM-V business, we are excited to continue growing our PowerBuoy business,” OPT CEO Philipp Stratmann said in a statement.
“We believe that the Middle East offers a lot of opportunities for Merrows, and we look forward to further growth in the region. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations.”