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Ocean Power Technologies, Inc. successfully demonstrated its Artificial Intelligence capable Maritime Domain Awareness Solution, Merrows, to potential customers through offshore field demonstrations using the Next Generation PowerBuoy. These demonstrations showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the solution, accelerating the sales cycle. The CEO expressed enthusiasm about the milestone and the revenue growth trajectory.
Ocean Power Technologies, Inc. (NYSE American: OPTT) has been awarded a multi-year NOAA ProTech Oceans IDIQ contract, positioning the company as a service provider supporting NOAA's mission. OPT will provide advanced technologies like PowerBuoy® systems and WAM-V® autonomous surface vessels for NOAA's research and operational missions. The contract has a minimum duration of five years with an early potential for several million in revenue per year.