Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has secured a new contract with an international government client for the near-term delivery of a fully integrated Wave Adaptive Modular Vessel (WAM-V).Assembly of the vehicle is already underway, with shipment and in-country training and support to follow.
"Securing this contract is testament to demand for our systems in the market,” OPT chief executive Philipp Stratmann said in a statement. “Recent efforts in Latin America and the Middle East are continuing to drive interest in our systems.”
Stratmann added that OPT continues to convert its pipeline to backlog and deliver further growth.
“We look forward to future deliveries and additional opportunities to deploy our assets to our customer base here in the United States and to our partners in Latin America, the Middle East, and other allied nations,” the CEO said.
OPT develops advanced ocean systems to support safer and more efficient operations in defense, energy, research, and offshore wind industries.
Shares of OPT gained around 8% in Monday morning trading.