OPTT - Ocean Power Technologies Secures $1.6 Million Order for Multiple WAM-V 16s from Sulmara | Benzinga
MONROE TOWNSHIP, N.J., Oct. 24, 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 an additional volume order from Sulmara, a prominent player in offshore services, of WAM-V 16 uncrewed surface vehicles (USVs) making this the largest single order of WAM-Vs to date. The order, valued at $1.6 million, underscores OPT's commitment to providing innovative and sustainable solutions for the offshore industry. Due to demand, production is already underway to support and will allow for revenue recognition this fiscal year.
The WAM-V 16, known for its unparalleled versatility and exceptional performance, will enable Sulmara to continue to redefine the way that marine data is collected. Designed to adapt to various marine environments and applications, the WAM-V 16 offers unmatched reliability, maneuverability, and modularity that empowers remote marine operations like never before.
Commenting on this significant achievement, OPT's CEO, Philipp Stratmann, expressed his enthusiasm for the collaboration with Sulmara: "We are delighted to expand our partnership with Sulmara and provide them with our state-of-the-art WAM-V 16 uncrewed surface vehicles. This order reflects our commitment to enhancing the efficiency and sustainability of offshore operations. We are proud to collaborate with a company like Sulmara, which shares our vision for the future of ocean technology. This contract, and others ...