Why Ocean Power Technologies Stock Is Moving Higher Wednesday

Ocean Power Technologies OPTT shares are trading higher Wednesday after the company announced it signed an agreement for the delivery of marine power systems to the U.S. government.

What Happened: The renewable energy company and the U.S. government reached an initial agreement on a sole source contract award for several unmanned surface vehicles.

The final contract will be issued as a fixed price purchase order without a competitive bidding process.

Ocean Power said this award builds on recent success with vehicles and PowerBuoys in North America, Sub-Saharan Africa, and the Middle East.

“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, president and CEO of Ocean Power Technologies.

See Also: Lithium Co. Expands Footprint in Brazil, Nears Production

OPTT Price Action: Ocean Power Technologies shares are trading 59.3% higher at 21 cents at the time of writing per data from Benzinga Pro.

Image: 2700757 from Pixabay.