Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has completed a major milestone for the Naval Information Warfare Center Pacific’s Project Overmatch.
The provider of intelligent maritime solutions said it has completed the second set of services of the previously announced follow-on contract as a subcontractor to EpiSci, resulting in immediate revenue recognition. It has also deployed several of its WAM-V autonomous surface vehicles (ASVs).
The company highlighted that this contract enables it to continue refining and strengthening its autonomous maritime technologies for the US military and its allies.
The recently concluded exercises follow an initial series over the summer.
Philipp Stratmann, OPT CEO, expressed excitement about the completion of these exercises.
“The technological capabilities of our WAM-Vs together with the skills of our ASV operators, the majority of which are Veterans, continue to deliver value for our customers and revenues for our shareholders,” he said.
“We believe our participation in Project Overmatch remains a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the US Navy."