Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has partnered with Unique Group to deploy its WAM-V Unmanned Surface Vehicles (USVs) in the Middle East.
Investors welcomed the news, sending shares of OPT about 60% higher to US$0.45 in early trade on Tuesday.
Unique Group is a United Arab Emirates (UAE)-headquartered innovator of subsea technologies and engineering, with more than 600 employees and 20 operational bases globally, OPT highlighted.
It said that integrating its commercially available vehicles with Unique Group’s leading position in the offshore energy industry in the UAE will accelerate the adoption of USVs in the region.
The company added that Unique Group’s knowledge of the local industry and footprint will enable maintenance and services to be carried out more efficiently.
"Working with Unique Group will further accelerate our efforts to deploy USVs globally,” OPT CEO Philipp Stratmann said in a statement.
“We are very excited about the prospects of expanding into the UAE and applaud the local industry’s forward-thinking in adopting autonomous technologies."
Jack Dougherty, Unique Group’s global head of USV, expressed his excitement over the strategic partnership.
“By leveraging our extensive regional experience and advanced engineering capabilities, we are committed to helping OPT develop a Gulf Collaborative Council (GCC)-specific WAM-V 22,” he said.
“This next-generation vessel will be designed to meet the region's stringent safety regulations while ensuring environmentally conscious and efficient operations.”