Zinger Key Points
- Ocean Power announced it was awarded a contract for the deployment of its AI-integrated Powerbuoy.
- The buoy will be depolyed off the U.S. East Coast.
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Ocean Power Technologies, Inc. OPTT shares are moving higher on Monday after the company announced it was awarded a contract for the deployment of its AI-integrated Powerbuoy.
What To Know: The contract includes the deployment of a Powerbuoy off the U.S. East Coast and enables future integration of surface and subsea sensors. Further details remain confidential due to the deal’s nature.
Philipp Stratmann, CEO and President of Ocean Power, said, “In addition to the material growth of our WAM-V business, we are excited to continue growing our PowerBuoy business. We believe that providing persistent and resident monitoring offers a lot of opportunities for our solutions in research and security applications. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-Vs and PowerBuoys into their operations.”
See Also: Roku Has ‘War Time’ CEO? Analyst Says Yes And Sees More New Positives For The Company
OPTT Price Action: At the time of publication, Ocean Power stock is trading 3.30% higher at 54 cents, according to data from Benzinga Pro.
Image: This illustration was generated using artificial intelligence via Midjourney.
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