Ocean Power Technologies, Inc. OPTT shares are trading higher after the company announced it partnered with Unique Group for autonomous vehicle services in the Middle East.
Unique has more than 600 employees and 20 operational bases around the world.
The companies plan to deploy Ocean Power Technologies’ existing WAM-V Unmanned Surface Vehicles in the UAE and other countries in the Gulf Collaboration Council region.
Combining the company’s available vehicles with Unique’s prominent role in the UAE’s offshore energy sector will expedite the adoption of USVs in the region, according to a press release.
Unique Group’s local industry expertise and regional presence enhance the efficiency of maintenance and service operations.
“Working with Unique Group will further accelerate our efforts to deploy USVs globally. We are very excited about the prospects of expanding into the UAE and applaud the local industry’s forward-thinking in adopting autonomous technologies,” said Philipp Stratmann, OPT’s CEO.
Last month, the company announced it signed an agreement with Teldyne Marine.
Ocean Power Technologies said it signed an Original Equipment Manufacturer agreement with Teledyne Marine to enhance Ocean Power’s product offerings and drive innovation within the industry.
“This agreement allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers. Our shared commitment to excellence and innovation makes this a natural fit. We believe this partnership further accelerates our growth and enables additional revenue stream,” Stratmann said earlier.
Price Action: OPTT shares are trading higher by 62.9% to $0.45 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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