Ocean Power Technologies Completes AI capable Merrows™ PowerBuoy® for Delivery to the Middle East
Ocean Power Technologies, Inc. (OPTT)
US:NASDAQ Investor Relations:
oceanpowertechnologies.gcs-web.com/node/5806
Company Research
Source: GlobeNewswire
MONROE TOWNSHIP, N.J., Sept. 10, 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 it has completed a major contractual milestone and has readied for shipment the previously announced AI capable Merrows™ PowerBuoy® for a customer in the Middle East. This milestone triggers the next phase of revenue recognition of the fully integrated system. Once delivered to the customer, the AI capable Merrows™ PowerBuoy® will be deployed and final revenue recognition will occur. Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, " We believe this shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe. As we continue to scale, our team is working tirelessly to convert pipeline to backlog to revenues, delivering
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Sec Filings
- 11/18/24 - Form DEF
- 11/15/24 - Form 4
- 11/1/24 - Form 8-K
- OPTT's page on the SEC website