Ocean Power Technologies Awarded Multi-Year NOAA ProTech Oceans IDIQ Contract
April 30 2024 - 8:15AM
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 its selection as part of a team awarded
the National Oceanic and Atmospheric Administration's (NOAA)
Professional, Scientific, and Technical Services (ProTech) Oceans
Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract.
This award positions OPT within an elite group of service providers
supporting NOAA’s mission to understand and predict changes in
climate, weather, oceans, and coasts.
Under the terms of the contract, OPT will contribute its
advanced technologies, including the pioneering PowerBuoy® systems
and WAM-V® autonomous surface vessels, to support NOAA’s critical
research and operational missions. The contract has a minimum
duration of five years, with an early potential of several million
per year in revenue. The overall ProTech IDIQ has a ceiling of 8
billion providing ample opportunities to supply into NOAA.
Philipp Stratmann, CEO and President of Ocean Power
Technologies, expressed his enthusiasm about this milestone,
stating, "We are honored to support NOAA's essential work in
oceanic and atmospheric science. This contract is a testament to
OPT’s commitment to delivering innovative and reliable solutions
that can withstand the demanding conditions of marine environments.
We look forward to working closely with NOAA to advance the
understanding and sustainability of our oceans."
This IDIQ award is a mandatory-use vehicle for NOAA and may also
be utilized by other bureaus within the U.S. Department of
Commerce. It allows for a variety of contract types, including firm
fixed price, cost reimbursement, and time and materials, providing
flexibility in how services are delivered and managed.
The award of the ProTech Oceans IDIQ contract to OPT reaffirms
the company's role at the forefront of ocean technology and its
continued commitment to enhancing the capabilities of governmental
and scientific communities in their marine-related activities.
For additional information about OPT and its services, please
visit our website Ocean Power Technologies.
ABOUT OCEAN POWER TECHNOLOGIES
OPT provides intelligent maritime solutions and services that
enable safer, cleaner, and more productive ocean operations for the
defense and security, oil and gas, science and research, and
offshore wind markets. Our PowerBuoy® platforms provide clean and
reliable electric power and real-time data communications for
remote maritime and subsea applications. We also provide WAM-V®
autonomous surface vessels (ASVs) and marine robotics services. The
Company’s headquarters is in Monroe Township, New
Jersey and has an additional office in Richmond,
California. To learn more,
visit www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS:
This release may contain forward-looking statements that are
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
identified by certain words or phrases such as "may", "will",
"aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek
to", "future", "objective", "goal", "project", "should", "will
pursue" and similar expressions or variations of such expressions.
These forward-looking statements reflect the Company's current
expectations about its future plans and performance. These
forward-looking statements rely on a number of assumptions and
estimates that could be inaccurate and subject to risks and
uncertainties, including the success of the NOAA ProTech IDIQ
contract and the realization of the potential revenue thereunder.
Actual results could vary materially from those anticipated or
expressed in any forward-looking statement made by the Company.
Please refer to the Company's most recent Forms 10-Q and 10-K and
subsequent filings with the U.S. Securities and Exchange Commission
for further discussion of these risks and uncertainties. The
Company disclaims any obligation or intent to update the
forward-looking statements in order to reflect events or
circumstances after the date of this release.
Contact Information
Investors: 203-561-6945 or investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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