Ocean Power Technologies has completed the construction of a new unmanned surface vehicle WAM-V, which is now ready for delivery to a survey customer in Latin America.
The delivery is part of OPT’s previously announced expansion into the region, working with end customers and resellers.
According to the company, the construction milestone triggers revenue recognition of the fully integrated system, including survey equipment.
“We believe that the delivery of this vehicle is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our OEM partners. We continue to convert pipeline to backlog to revenues to payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America,” said Philipp Stratmann, CEO and President of OPT.