Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has signed a Master Services Agreement (MSA) with Unique Group, expanding its existing partnership in the United Arab Emirates (UAE).
The agreement formalizes the companies’ collaboration first announced in July 2024, and designates Unique Group as OPT’s execution partner for all non-defense WAM-V unmanned surface vehicle (USV) projects in the UAE.
Under the deal, Unique Group will lease one OPT WAM-V 22 USV, with options for purchase, revenue sharing, and fleet expansion.
The agreement also outlined plans to establish a Maintenance, Repair, and Overhaul hub in the UAE to support regional operations and improve service capabilities.
OPT said the MSA provides a framework for joint execution of customer projects, vehicle upgrades, and technology transfer, while maintaining the proprietary rights of both partners.
The company added that the expanded partnership is intended to accelerate WAM-V deployments in the UAE, support conversion of customer interest into revenue, and build recurring lease income without significant new overhead.
“This expanded agreement with Unique Group reflects our strong mutual confidence and shared vision for bringing maritime autonomy to the forefront of operations in the Gulf,” Ocean Power CEO Philipp Stratmann said in a statement.
“Together, we are unlocking the potential of uncrewed surface vehicles to reduce operational risk, carbon emissions, and costs, starting with the WAM-V 22 and extending to broader platform deployments across the UAE.”