Business UpdateAug 5, 2026, 04:59 PM
Ocean Power Technologies Selected for $40M US Navy Project
AI Summary
Ocean Power Technologies, Inc. announced its selection as one of six potential awardees for a $40 million multiple-award, indefinite-delivery/indefinite-quantity (IDIQ) contract with the Naval Oceanographic Office. This two-year contract, anticipated to begin in August 2026, will support high-resolution ocean-floor mapping services using long-endurance unmanned surface vehicles. The award validates OPT's maritime technologies and expands its support for U.S. Government programs, advancing its Robotics as a Service strategy.
Key Highlights
- Selected as one of six potential awardees for $40 million IDIQ contract.
- Contract awarded by the Naval Oceanographic Office (NAVOCEANO).
- Provides high-resolution ocean-floor mapping services.
- Utilizes long-endurance unmanned surface vehicles.
- Two-year ordering period from August 2026 to July 2028.
- Validates maritime technologies for Department of War customers.
- Expands support for U.S. Government maritime programs.
Price Impact
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