NEWS
Ocean Power Technologies Awarded $1M Contract for Naval Information Warfare Center Pacific’s Project Overmatch’ Mission Autonomy Proving Grounds
Ocean Power Technologies (NYSE American: OPTT) has been awarded a $1M follow-on contract as a subcontractor to EpiSci for the Naval Information Warfare Center Pacific's Project Overmatch' Mission Autonomy Proving Grounds. This comes after a successful 12-month demonstration of OPT's autonomous surface vehicle technologies. The contract aims to further ruggedize and enhance the operational capability of OPT's autonomous maritime technologies to support the U.S. military and its allies. The project is expected to enable a system of systems (SoS) commercial off-the-shelf offering for scalable and attritable, full spectrum, unmanned solutions in the maritime environment. The first set of exercises has already concluded, leading to immediate revenue recognition.
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