Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has received an approximately $1.5 million purchase order from the United States Coast Guard (USCG) for the installation and deployment of buoy systems that were previously ordered.
According to the company, the award completes the acquisition cycle and supports the near-term fielding of the systems for Department of Homeland Security (DHS) maritime security missions. OPT said it expects the order to contribute to near-term revenue as installation and deployment activities begin.
Under the scope of work, the company will carry out deployment, commissioning, and operational activation to ensure the systems are fully integrated and ready for mission use. The buoys are expected to enter active service shortly after installation.
The buoy systems are designed to provide persistent offshore presence to enhance surveillance, situational awareness, and operational effectiveness in maritime environments. The company said its role covers manufacturing through installation and in-field support.
"OPT's expanding focus on defense and security has enabled us to engage more deeply with our customers, gain a clearer understanding of their evolving mission challenges, and deliver innovative solutions that were previously unavailable,” SVP commercial sales Jason Weed said in a statement.
“This strategic emphasis is directly aligned with the updated doctrine of the US Department of Homeland Security and the US Department of Defense to further strengthen Homeland Defense."