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Ocean Power Technologies, Inc. has shipped for prompt delivery multiple WAM-Vs on a previously announced sole source contract to a Department of the US Government.
This delivery will build on the recent commercial success of OPT’s vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in North America, Sub Saharan Africa, and the Middle East.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue milestone, stating, “This shipment is further proof that we continue to execute for our customers and shareholders and to convert our pipeline to bookings and revenues.
“We believe it also confirms that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V®, is a cost-efficient force multiplier for the US Government and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers.”
OPT is a leader in innovative and cost-effective low-carbon marine power, data, and service solutions. Delivery of the vehicles leads to revenue recognition, though due to the sensitive nature of this relationship, terms have not been disclosed.
