US-based marine energy developer Ocean Power Technologies (OPT) has secured a $500,000 extension of its contract with a US government agency for the supply of WAM-V autonomous surface vehicles.
The WAM-V 22 autonomous surface vehicles (ASV) will be provided to an overseas US government agency for ongoing autonomous maritime activities, according to OPT.
The contract extends through September 30, 2023, and plays an important part in OPT’s securing of recurring revenues and supporting the company’s long-term growth plans and anticipated path to positive cash flow.
Philipp Stratmann , president and CEO of OPT, said: “OPT is proud to continue our support for the US government with our state-of-the-art WAM-V ASV. This contract extension reflects the confidence our clients have in our technology and our ability to deliver reliable and effective solutions. We are grateful for the continued opportunity to play a part in keeping our nation safe and our government agencies supplied with cutting-edge technology.”
OPT’s WAM-V is a an ASV that provides versatile capabilities for a wide range of maritime applications. Its advanced technology enables it to perform a variety of tasks, including data collection, surveillance, and communication, making it an invaluable asset in maritime exercises and operations.
To remind, OPT acquired California-based developer and manufacturer of WAM-V ASVs Marine Advanced Robotics back in November 2021.
The deal saw $11 million paid at closing, consisting of $4 million in cash and $7 million in OPT common stock (3,330,162 shares).
The Marine Advanced Robotics’ management team and employees joined OPT, but the company continued to operate under its current brand name as a wholly owned subsidiary of OPT.