Ocean Power Technologies Inc (NYSE-A:OPTT) has inked a reseller agreement with Survey Equipment Services Inc (SES), a specialist in the supply of marine survey and navigation equipment.
It will see OPT supply to SES its unmanned surface vehicles (USV), branded as ‘WAM-Vs’, for distribution in the United States.
SES has already been provided with demonstration equipment to support its marketing.
“We are excited to partner with SES,” OPT chief executive Philipp Stratmann said in a statement.
“This agreement allows us to leverage SES’s offering of survey and navigation equipment and deploy WAM-V’s to SES’s customer base.
“This partnership further accelerates our growth and enables additional revenue stream."
Shares of Ocean Power Technologies were up 25% in early Monday trading in New York at $0.45.
--Updates with share price--