Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has secured a $1 million follow-on contract as a subcontractor to EpiSci following the successful demonstration of its autonomous surface vehicle technologies in the U.S. Navy's Mission Autonomy Proving Grounds (MAPG) under Project Overmatch.
This contract will allow OPT to further enhance and ruggedize its maritime technologies, supporting military applications with scalable unmanned systems.
The first phase of exercises has been completed, resulting in immediate revenue recognition for the company.
“We are thrilled to have been awarded this contract, which is a testament to the strength and innovation of our technology,” OPT CEO Philipp Stratmann commented.
“We believe our participation in Project Overmatch has been a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the U.S. Navy.”
OPT provides intelligent maritime solutions and services for the defense and security, oil and gas, science and research, and offshore wind markets.