Ocean Power Secures Deal to Supply US Government with Unmanned Vehicles

June 27, 2024: Ocean Power Technologies (OPT), a company specializing in innovative and cost-effective marine power, data, and service solutions, announced a significant development on June 26, 2024. The company entered into an agreement in principle with a department of the US government for the delivery of multiple WAM-Vs (Wave Adaptive Modular Vehicles).

This agreement is expected to be finalized as a firm-fixed-price purchase order awarded on a non-competitive basis. Due to confidentiality concerns, the specific department involved and the number of WAM-Vs to be delivered were not disclosed. However, OPT highlighted the anticipated near-term delivery of the vehicles.

Revenue generated from this contract will be recognized gradually over the course of the agreement. The company expressed optimism about this development, emphasizing its potential to contribute to future revenue streams.

“We believe this agreement serves as further validation of our systems’ critical role in shaping the future of ocean security,” stated Philipp Stratmann, CEO and President of OPT. He elaborated on the WAM-V’s potential as a cost-effective solution for the US government and other offshore operators, citing its ability to magnify operational capabilities. Additionally, Stratmann emphasized the “dual-use nature” of OPT’s technology, which allows the company to cater to a wider range of clients.

This agreement is a positive development for OPT, potentially leading to increased revenue and solidifying its position within the US government’s supply chain for maritime security solutions. The WAM-V’s technological advancements and functionalities will enhance ocean security and data collection capabilities.

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