Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the US military and its allies. The first set of exercises was concluded over the summer, and the completion of these most recent exercises will support immediate revenue recognition.
Philipp Stratmann, CEO of Ocean Power Technologies, commented, “We are very excited about the completion of this exercise. The technological capabilities of our WAM-Vs, together with the skills of our ASV operators, the majority of which are Veterans, continue to deliver value for our customers and revenues for our shareholders. We believe our participation in Project Overmatch remains a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the US Navy.”
For additional details on Ocean Power Technologies and their involvement in Project Overmatch, visit: www.oceanpowertechnologies.com
