Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it has achieved a key milestone with the completion of its AI-capable Merrows™ PowerBuoy.
The system, which is designed for solar and wind-powered operation, is ready for delivery to a customer in the Middle East.
This achievement marks a significant step in the company's global expansion efforts.
“We believe this shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe,” chief executive Philipp Stratmann said in a statement.
“As we continue to scale, our team is working tirelessly to convert pipeline to backlog to revenues, delivering for our customers worldwide and enabling them to effectively provide ocean security.
“We look forward to future deliveries and additional opportunities to continue our expansion in the Middle East.”
The shipment of the PowerBuoy allows the company to move forward with the next phase of revenue recognition for the order, OPTT noted. Once deployed, final revenue recognition for the integrated system will occur, it added.