Ocean Power Technologies Inc (NYSE-A:OPTT) has shipped a Merrows-capable PowerBuoy as part of a demonstration aimed at validating the system’s survivability and suitability for defense and security applications, including surface and subsea monitoring.
The shipment marks a key milestone following the company's teaming agreement signed last year with a major international defense contractor.
That agreement focuses on deploying OPT’s Merrows suite of solutions in select geographic regions.
The company said the demonstration will showcase the PowerBuoy’s capabilities in support of maritime defense objectives.
Philipp Stratmann, Ocean Power Technologies CEO, expressed excitement about the achievement.
"We are excited to follow up on our previously announced binding letter of intent to demonstrate the offshore capabilities and suitability of our intelligence, surveillance, and reconnaissance solutions,” Stratmann said.
“This step underscores our commitment to enhancing maritime security globally, and we are confident that together with our partners, we will achieve remarkable advancements in this field.”
Shares of OPT moved 1.8% higher on Thursday morning.