Ocean Power Technologies Inc (AMEX:OPTT) shares are trading higher after the close on Thursday after the company announced it signed an agreement with Teldyne Marine.

What Happened: After the market close on Thursday, Ocean Power Technologies said it signed an Original Equipment Manufacturer agreement with Teledyne Marine, a division of Teledyne Technologies Inc (NYSE:TDY) to enhance Ocean Power's product offerings and drive innovation within the industry.

"This agreement allows us to leverage Teledyne's best-in-class offerings to deliver superior sensor and ocean technology products to our customers. Our shared commitment to excellence and innovation makes this a natural fit. We believe this partnership further accelerates our growth and enables additional revenue stream," said Philipp Stratmann, CEO of Ocean Power Technologies.

Ocean Power Technologies provides intelligent maritime solutions and services that aim to enable safer, cleaner and more productive ocean operations for the defense and security, oil and gas, science and research and offshore wind markets.

How To Buy OPTT Stock

Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, Ocean Power is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

OPTT Price Action: Ocean Power Technologies shares were up 35.56% after hours at $0.22 at the time of publication, according to Benzinga Pro.

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