Ocean Power Technologies, Inc. (NYSE: OPTT) shares gave up at the start of business Friday, as the company, a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, secured a contract from a new Nordics based underwater research customer for a fully integrated WAM-V for immediate delivery. This contract expands the Company’s previously announced expansion into certain regions in the Nordics, working with end customers and governments. The vehicle will be assembled immediately and shipped to the customer.
Jason Weed, SVP Commercial Sales of OPT, expressed his enthusiasm about this contract, stating, "We believe that securing this contract is testament that demand in the market is continuing to convert to backlog across multiple sectors. Recent efforts globally, whether focused on defense and security, surface inspections, or autonomous underwater survey, are continuing to drive interest in our systems.
“We continue to deliver systems to our customers. We look forward to future deliveries and additional opportunities to deploy our assets to our customer base here in the United States and to our partners in Latin America, the Middle East, the Nordics, and other allied nations."
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets.
OPT shares backed off 0.8 cents, or 2.3%, to 34 cents.
