Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has secured a contract to deliver a PowerBuoy for immediate deployment on the East Coast of the United States.
The contract allows for the future integration of surface and subsea sensors, expanding the buoy's capabilities.
While the details of the contract remain confidential, the deployment highlights OPT’s continued role in delivering low-carbon marine power, data, and service solutions, the company said in a statement.
Philipp Stratmann, OPT’s CEO, expressed excitement about the revenue-generating contract, highlighting the growth of both the company’s WAM-V and PowerBuoy businesses.
“We believe that providing persistent and resident monitoring offers a lot of opportunities for our solutions in research and security applications,” Stratmann said.
“Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations.”
Investors welcomed the update, sending OPT’s shares almost 12% higher before settling up nearly 7.6% in Monday morning trading in New York.