OPTT - Ocean Power Technologies Secures a Multi-Buoy Letter Contract with a $6.5M Ceiling to Bolster Maritime Domain Awareness for US Government Agencies | Benzinga
MONROE TOWNSHIP, N.J., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE: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 ...