Business UpdateAug 5, 2026, 08:17 AM
Ocean Power Technologies Selected for $40M NAVOCEANO Contract
AI Summary
Ocean Power Technologies, Inc. announced it was selected as one of six potential awardees for a $40 million multiple-award, indefinite-delivery/indefinite-quantity (IDIQ) contract with the Naval Oceanographic Office (NAVOCEANO). The firm-fixed-price contract will support high-resolution ocean-floor mapping services using long-endurance unmanned surface vehicles across the Indian and Pacific Ocean basins. This two-year contract, starting August 2026, validates the company's maritime technologies and advances its "Robotics as a Service" strategy.
Key Highlights
- Selected as one of six potential awardees for a $40 million IDIQ contract.
- Contract supports Naval Oceanographic Office (NAVOCEANO) for ocean-floor mapping.
- Work involves high-resolution mapping using long-endurance unmanned surface vehicles.
- Contract has a two-year ordering period, from August 2026 through July 2028.
- The $40 million represents the aggregate contract ceiling across all awardees.
- Expands OPT's ability to support U.S. Government maritime programs.
- Advances the company's "Robotics as a Service" strategy.
Price Impact
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