Ocean Power Technologies Secures Sole Source Contract with U.S. Government

Proactive - Interviews for investors

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to announce that the company has reached an agreement in principle on a sole source contract award for multiple Wave Adaptive Modular Vessels (WAM-Vs). These will be delivered to a department of the U.S. Government. The final contract award will be a Firm-Fixed-Price purchase order on a noncompetitive basis. Revenue will be recognized ratably over the course of the contract, with an expected near-term delivery date. Stratmann emphasized that this award builds on the recent commercial success of OPT's vehicles and PowerBuoys. These technologies are used for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Countermeasure Solutions in North America, Sub-Saharan Africa, and the Middle East. The company believes this agreement further demonstrates that its systems are an integral part of building out the future of ocean security. This significant contract highlights OPT's growing role in enhancing maritime security and reflects the trust and confidence placed in their advanced maritime technologies by government entities. #proactiveinvestors #oceanpowertechnologiesinc #nyseamerican #optt #PhillipStratmann, #USGovernmentContract, #OffshoreAutonomy, #MaritimeSecurity, #CommercialPlatforms, #GrowthStrategy, #BuoyBusiness, #VehicleBusiness, #InternationalExpansion, #ReadyToDeploy, #AutonomousSystems, #EconomicImpact, #ShippingLanes, #FreedomOfNavigation, #CostEffectiveSolutions, #LowEmissionTech, #SecurityInnovation, #GlobalShipping, #ProactiveNewsroom#invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews