OPTT - Ocean Power Technologies Awarded Three Multi-Year NOAA Contracts to Revolutionize Uncrewed Maritime Systems | Benzinga
MONROE TOWNSHIP, N.J., Sept. 07, 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 the award of three separate Indefinite Delivery Indefinite Quantity (IDIQ) Multiple-Award Contracts (MAC) from the National Oceanic and Atmospheric Administration (NOAA). These awards further add to OPT's reputation as a reliable U.S. Government contractor and build on recent successes in the defense and national security space.
NOAA has selected OPT as one of several Multiple Award IDIQ contract holders to provide Uncrewed Maritime Systems (UMS) Services to NOAA's Office of Marine and Aviation Operations (OMAO), Uncrewed Systems Operation Center (UxSOC). These contracts have the potential to result in millions of dollars of revenue for OPT, and the ordering period is set to span three years, commencing on September 1, 2023, and concluding on August 31, 2026.
Under these ...