Ocean Power awarded contract for a WAM-V for delivery to contractor

Ocean Power Technologies announced it has been awarded a contract for a WAM-V for immediate delivery to an Offshore Construction Contractor. The award includes providing a spare vehicle system that can be assembled onsite. The vehicle will provide survey services for an offshore dredging project in Sub-Saharan Africa. Revenue from this contract will be recognized over the course of the contract. Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue generating contract, stating, “In addition to our recent expansion into Latin America, we are excited to start providing services in Sub-Saharan Africa. This region has an active offshore energy industry, and we are also excited about potential ocean security applications. As we continue to scale, we are also continuously looking at additional regions for expansion, such as the Middle East.”