MONROE TOWNSHIP, N.J., July 15, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been awarded a contract for immediate delivery of a PowerBuoy equipped with Merrows, its Artificial Intelligence capable Maritime Domain Awareness Solution, in the Midde East. This contract will generate revenues in the current quarter. Due to the confidential nature of the award, details are not being disclosed.
The Company had previously announced its selection as a preferred supplier for its Merrows equipped buoys in the region.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue generating contract, stating, "We are continuing to grow our business across all our solutions, WAM-Vs and PowerBuoys. We believe this shipment for a solar and wind powered system highlights our ability to service ...