Dec '23

Ocean Power Technologies secures contract to bolster maritime domain awareness for US government agencies – Proactive Investors USA

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Stephen Gunnion is a senior financial journalist and broadcaster at Proactive Investors. He has more than 25 years of experience in television, radio and print media, anchoring on a number of television channels including South Africa’s Business Day TV, CNBC Africa and the South African Broadcasting Corporation, where he was the economics editor. He has also worked for Daily Maverick, Bloomberg, the Business Day newspaper and Investors’ Chronicle. Read more
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Published: 08:55 11 Dec 2023 EST
Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it has received a letter contract from a US-based prime contractor with a $6.5 million ceiling to provide multiple maritime domain awareness buoys to strengthen maritime surveillance efforts.
The collaboration with the prime contractor will focus on providing multidomain marine solutions in support of US government agencies, OPT said in a statement.
The company’s PowerBuoys will play a pivotal role in enhancing surveillance capabilities above and below the waterline, contributing significantly to maritime domain awareness initiatives. Additionally, the contract will enable it to advance the preparation of multiple of its Next Generation PowerBuoy systems.
It said the integration of its technology expertise marks a significant stride towards strengthening maritime surveillance efforts, ensuring heightened security and safety within the maritime domain.
“This collaboration exemplifies our commitment to innovation and underscores the crucial role our technology plays in bolstering maritime national security,” OPT CEO Philipp Stratmann commented in a statement.
“We are excited to work alongside our partner to provide state-of-the-art solutions, including multi-buoy arrays, that contribute to a safer maritime environment.”
Ocean Power Technologies is a provider of ocean energy and intelligent data services through its innovative, low carbon distributed and autonomous ocean power and data solutions, combined with its offshore engineering and design services.     
Contact the author at stephen.gunnion@proactiveinvestors.com
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  Philipp Stratmann, CEO of Ocean Power Technologies joined Steve Darling from Proactive to to announce a significant development for the company. Ocean Power Technologies has secured a letter contract from a US-based prime contractor for the delivery of multiple maritime domain awareness…
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