Ocean Power Technologies Inc (NYSE-A:OPTT) has won a contract in the Middle East for the delivery of a PowerBuoy equipped with Merrows- the company’s AI-capable Maritime Domain Awareness Solution.
The contract is expected to generate revenues in the current quarter, although specific details remain confidential between the parties.
“We believe this shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe,” chief executive Philipp Stratmann said in a statement.
“Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations and to put ocean intelligence into their hands.”
Stratmann added: "We are continuing to grow our business across all our solutions, WAM-Vs and PowerBuoys.”