Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has shipped multiple of its unmanned surface vehicles (WAM-Vs) to a Department of the US Government as part of a previously disclosed sole source contract.
The provider of intelligent maritime solutions said the delivery of the vehicles will lead to revenue recognition.
Due to the sensitive nature of the relationship, the terms of the deal had not been made public.
OPT highlighted that this delivery builds on the recent commercial successes of its vehicles and PowerBuoys for autonomous maritime domain awareness, counter unmanned underwater vehicles, and mine countermeasure solutions across North America, Sub Saharan Africa, and the Middle East.
"This shipment is further proof that we continue to execute for our customers and shareholders and to convert our pipeline to bookings and revenues. We believe it also confirms that our systems form an important part of building out the future of ocean security,” Philipp Stratmann, OPT CEO commented.
“Using small unmanned surface vehicles, like our WAM-V, is a cost-efficient force multiplier for the US government and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers.”
Ocean Power Technologies offers intelligent maritime solutions and services that enhance safety, sustainability, and productivity for the defense, security, oil and gas, science, research, and offshore wind markets, including AI-integrated Merrows for maritime domain awareness, clean energy PowerBuoy platforms for remote operations, and WAM-V autonomous surface vessels.