Ocean Power Technologies Inc (NYSE-A:OPTT) said on Thursday it has secured a contract with a new European offshore services provider for the near-term delivery of a fully integrated WAM-V system.
The deal marks the company's expansion into the European Union, where it is working with end customers and resellers.
In a statement, OPT said the vehicle will be assembled immediately and shipped to the customer, with training and services provided on-site.
"Securing this contract is testament to demand for our systems in the market," CEO Philipp Stratmann said. "We continue to convert pipeline to backlog and deliver further growth."
OPT has been targeting global opportunities in defense, security, autonomous survey, and offshore construction.
The company said it aims to expand deployments across the US, Latin America, the Middle East, and the European Union.