Ocean Power Technologies Inc (NYSE-A:OPTT) has announced a follow-on order for its WAM-V 8 unmanned surface vehicle from a customer in the Latin America region.
This comes after several major contractual milestones were completed in the region with deliveries of a WAM-V 16 and WAM-V 22, Ocean Power Technologies said on Thursday.
These were delivered to previously announced survey customers and marked Ocean Power Technologies' continued expansion in Latin America.
“The delivery of these vehicles is a testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our original equipment manufacturer partners,” CEO Philipp Stratmann commented.
“We believe securing a follow-on order enables us to continue our growth in the region and further execute on our path to profitability.”
Stratmann added Ocean Power Technologies continued to convert pipeline to revenues and looked forward to future opportunities in Latin America.
This included with “existing and potential customers in Mexico, Costa Rica, and Brazil,” Stratmann said.
Shares of OPTT gained 2.5% following the news on Thursday morning.