Ocean Power Technologies Inc (NYSE-A:OPTT) announced the signing of an Original Equipment Manufacturer (OEM) agreement with Teledyne Marine, a division of maritime technology provider Teledyne Technologies.
The provider of intelligent maritime solutions and services said the strategic partnership seeks to enhance its product offerings and drive innovation within the industry, providing customers with a turnkey system.
“This agreement allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers,” OPT CEO Philipp Stratmann said in a statement.
“Our shared commitment to excellence and innovation makes this a natural fit. We believe this partnership further accelerates our growth and enables additional revenue stream."
William Egan, senior vice president of sales and marketing at Teledyne Marine, added that partnering with OPT “aligns perfectly” with its objective of enabling key platform providers to expand their operational capabilities through critical technology enablers and best-in-class products.
“We look forward to continuing to expand our partnership and achieve new product offerings,” Egan said.
The announcement was welcomed by investors who sent shares of OPT almost 30% higher before Friday’s opening bell to US$0.20.