Ocean Power Technologies Secures a Multi-Buoy Letter Contract with a $6.5M Ceiling to Bolster Maritime Domain Awareness for US Government Agencies
MONROE TOWNSHIP, N.J., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has received a letter contract from a US based prime contractor for multiple maritime domain awareness buoys advancing our commitment to national security and intelligence.
This collaboration between OPT and the prime contractor will focus on providing multidomain marine solutions in support of US government agencies. OPT’s PowerBuoy’s® will play a pivotal role in enhancing surveillance capabilities above and below the waterline, contributing significantly to maritime domain awareness initiatives. The current contract enables OPT to advance the preparation of multiple of its Next Generation PowerBuoy® systems with definitization to be received.
Philipp Stratmann, CEO of OPT, expressed enthusiasm about the collaboration’s potential impact, stating, “This collaboration exemplifies our commitment to innovation and underscores the crucial role our technology plays in bolstering maritime national security. We are excited to work alongside our partner to provide state-of-the-art solutions, including multi-buoy arrays, that contribute to a safer maritime environment."
The integration of OPT's technology expertise marks a significant stride towards strengthening maritime surveillance efforts, ensuring heightened security and safety within the maritime domain.
For more information on Ocean Power Technologies please visit our website at:
ABOUT OCEAN POWER TECHNOLOGIES
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit
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