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Ocean Power Technologies secures sole source contract with U.S. Government

By: Chloe Emanuel 27/06/2024 Ocean Power Technologies, Inc.

General Logistics Vessels Windfarms

Ocean Power Technologies, Inc. (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, announced it has reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the U.S. Government. The final contract will be a Firm-Fixed-Price purchase order on a noncompetitive basis.

Revenue will be recognized over the course of the contract, with an expected near-term delivery date. Due to the sensitive nature of the relationship, specific terms have not been disclosed.

This award builds on OPT’s recent commercial success of its 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-generating contract, stating, "We believe this agreement is further proof 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 U.S. Government and other offshore operators. The dual-use nature of our technologies enables us to provide systems to a broad set of customers.”

This announcement is significant for the offshore wind industry, as OPT provides intelligent maritime solutions and services essential for offshore operations. OPT's PowerBuoy platforms offer clean and reliable electric power and real-time data communications, which are crucial for remote maritime and subsea applications in the offshore wind sector. Additionally, OPT's autonomous surface vessels (ASVs) and marine robotics services can support offshore wind projects through tasks such as monitoring and maintenance, enhancing operational efficiency and safety.

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Ocean Power Technologies secures sole source contract with U.S. Government

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