MONROE TOWNSHIP, N.J., June 05, 2024 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NYSE:OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today 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.
This award builds on the recent commercial success of OPT’s vehicles in offshore construction, and energy industry.
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 …