Ocean Power Technologies Inc (NYSE-A:OPTT) announced the sale of a Wave Adaptive Modular Vessel (WAM-V) to a Latin American customer for use in the onshore mining industry.
This transaction marks a significant step in the company's expansion into new sectors, the company said on Tuesday.
The customer will use the WAM-V for bathymetry surveys, demonstrating the vessel's versatility beyond offshore applications.
The sale represents a major milestone for the company, CEO Philipp Stratmann said.
“The flexibility and reliability of the WAM-V platform makes it an ideal solution for a broad range of missions and industries,” Stratmann said in a statement.
“We are excited to support our new Latin American partner with state-of-the-art autonomous technology tailored to their operational needs."
The company highlighted that the WAM-V is known for its stability, lightweight design, and modular architecture, allowing it to adapt quickly to various mission requirements.
Its ability to launch from different locations and operate effectively in diverse sea conditions with minimal environmental impact makes it a practical solution for industries seeking efficient autonomous surface vessel technology.
Shares of OPTT rose nearly 11% in early Tuesday trading before settling around 2.5% above opening levels.