Ocean Power Technologies (OPT) has reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the U.S. Government.
The final contract award will be a firm-fixed-price purchase order on a noncompetitive basis.
Revenue will be recognized ratably over the course of the contract with an expected near-term delivery date. Due to the sensitive nature of this relationship, terms have not been disclosed, OPT said.
WAM-V, short for Wave Adaptive Modular Vessel, is an innovative class of autonomous surface vehicles (ASVs) that uses an articulating suspension system to minimize structural loading.
WAM-V ASVs can provide a platform for multi-domain (air, sea, and subsea) marine autonomy for a variety of defense and security missions, including maritime domain awareness, high value asset protection, security perimeters, mine counter measures (MCM), anti-submarine missions, and border security.
“We believe this agreement is further proof that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V, is a cost-efficient force multiplier for the US Government and other offshore operators.
“The dual use nature of our technologies enables us to provide systems to a broad set of customers,” said Philipp Stratmann, CEO and President of OPT.