Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has been selected by the US government for further engagement following a competitive capability assessment of its WAM-V unmanned surface vehicle (USV), a maritime drone platform.
The company said the notification marks another step in its ongoing engagement with the US government but does not represent a contract award or procurement decision.
According to Ocean Power Technologies, the selection provides an opportunity for future technical engagement and supports its efforts to expand the use of autonomous maritime technologies for defense and security applications.
"This notification reflects the continued expansion of OPT's engagement across the US Government and reinforces the growing demand for autonomous maritime capabilities that support maritime dominance," senior vice president of commercial sales Jason Weed said in a statement.
"We believe our ability to combine proven USV technology with persistent maritime awareness positions OPT well to support evolving government requirements. We look forward to continuing our engagement as agencies evaluate next-generation autonomous maritime solutions."
The company noted that there is no assurance the assessment process will lead to additional government engagements or future business opportunities.