Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it had secured an initial $2 million in purchase orders from Latin America for its Next Generation PowerBuoys.
The PowerBuoys, which generate energy through a combination of wave, solar, and wind power, are designed for long-term deployment in coastal and deep ocean environments.
The systems can support payloads above and below the water surface and integrate various communication technologies.
“This order builds on the growth of our WAM-V solutions that we have seen in this region recently,” Philipp Stratmann, CEO of Ocean Power Technologies told shareholders in a statement.
“We believe adding PowerBuoys will enable our customers to add permanent monitoring and marine intelligence solutions into the existing roaming capabilities we have started to deliver to the region.”
Stratmann added that the order “highlights our continued commitment to delivering unparalleled solutions to the region that redefine possibilities in marine intelligence."
Shares of Ocean Power Technologies added 9% on the news, trading at US$0.69 at noon on Friday.