Integrating OPT's commercially available vehicles with Unique's leading position in the offshore energy industry in the UAE will accelerate the adoption of USVs in the region. Unique Group's knowledge of the local industry and footprint in the region enables maintenance and services to be carried out more efficiently. Jack Dougherty, Global Head of USV at Unique Group, added, "Unique Group is excited to announce our strategic partnership with Ocean Power Technologies (OPT). By leveraging our extensive regio ...

MONROE TOWNSHIP, N.J., June 27, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is pleased to announce the signing of an Original Equipment Manufacturer ("OEM") agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE: TDY) ("Teledyne"), a key supplier in the maritime technology inclusive of connectors, instruments, and vehicles. This s ...

What's notable about the contract is that the federal government issued it on a "noncompetitive basis." Essentially, this means that Ocean Power represented the only candidate for the job; that is, the company did not have to bid against rival entities. Curious Eyes Turn to OPTT Stock Per the press release, "[r]evenue will be recognized ratably over the course of the contract with an expected near-term delivery date. Due to the sensitive nature of this relationship, terms have not been disclosed." Given ris ...

Copy link to section The aforementioned back-to-back announcements underscore Ocean Power Technologies' growing presence in the maritime technology sector and its increasing appeal to both government and other offshore operators. In March, OPTT reported record revenue growth for its fiscal third quarter. Its gross profit also climbed sharply on a year-over-year basis from $0.1 million to $0.8 million in Q3. Philipp Stratmann – the chief executive of Ocean Power said at the time: We continue to make progress ...

MONROE TOWNSHIP, N.J., June 26, 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 reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the US Government. The final contract award will be a Firm-Fixed-Price purchase order on a noncompetitive basis. Philipp Stratmann, CEO and President ...

MONROE TOWNSHIP, N.J., June 24, 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 selected as preferred supplier for a PowerBuoy equipped with Merrows, its Artificial Intelligence capable Maritime Domain Awareness Solution, for an immediate delivery opportunity in the Midde East. This contract, once finalized, will generate revenues in the cu ...

About this content About Emily Jarvie Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emer ...

About this content Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

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-Sahar ...