MONROE TOWNSHIP, N.J., April 30, 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, today announced its selection as part of a team awarded the National Oceanic and Atmospheric Administration's (NOAA) Professional, Scientific, and Technical Services (ProTech) Oceans Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract. This award positions OPT within an elite group of service providers supporting NOAA’s mission to understand and predict changes in climate, weather, oceans, and coasts.
Under the terms of the contract, OPT will contribute its advanced technologies, including the pioneering PowerBuoy® systems and WAM-V® autonomous surface vessels, to support NOAA’s critical research and operational missions. The contract has a minimum duration of five years, with an early potential of several million per year in revenue. The overall ProTech IDIQ has a ceiling of 8 billion providing ample opportunities to supply into NOAA.
Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed his enthusiasm about this milestone, stating, "We are honored to support NOAA's essential work in oceanic and atmospheric science. This contract is a testament to OPT’s commitment to delivering innovative and reliable solutions that can withstand the demanding conditions of marine environments. We look forward to working closely with NOAA to advance the understanding and sustainability of our oceans."
This IDIQ award is a mandatory-use vehicle for NOAA and may also be utilized by other bureaus within the U.S. Department of Commerce. It allows for a variety of contract types, including firm fixed price, cost reimbursement, and time and materials, providing flexibility in how services are delivered and managed.
The award of the ProTech Oceans IDIQ contract to OPT reaffirms the company's role at the forefront of ocean technology and its continued commitment to enhancing the capabilities of governmental and scientific communities in their marine-related activities.
For additional information about OPT and its services, please visit our website Ocean Power Technologies.
ABOUT OCEAN POWER TECHNOLOGIES
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. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS:
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the success of the NOAA ProTech IDIQ contract and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
