This delivery is part of the Company’s previously announced expansion into the region, working with end customers and resellers. This milestone triggers revenue recognition of the fully integrated system, including survey equipment.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, “We believe that the delivery of this vehicle is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our OEM partners. We continue to convert pipeline to backlog to revenues to payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America.”
For additional information about OPT and its services, please visit their website Ocean Power Technologies.
