Ocean Power Technologies, Inc. announced its selection as part of a team awarded the National Oceanic and Atmospheric Administration's (NOAA) Professional, Scientific, and Technical Services (ProTech) Oceans Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract. This award positions OPT within an elite group of service providers supporting NOAA's mission to understand and predict changes in climate, weather, oceans, and coasts. Under the terms of the contract, OPT will contribute its advanced technologies, including the pioneering PowerBuoy®?

systems and WAM-V®? autonomous surface vessels, to support NOAA's critical research and operational missions. The contract has a minimum duration of five years, with an early potential of several million per year in revenue.

The overall ProTech IDIQ has a ceiling of 8 billion providing ample opportunities to supply into NOAA. This IDIQ award is a mandatory-use vehicle for NOAA and may also be utilized by other bureaus within the U.S. Department of Commerce. It allows for a variety of contract types, including firm fixed price, cost reimbursement, and time and materials, providing flexibility in how services are delivered and managed.

The award of the ProTech Oceans IDIQ contract to OPT reaffirms the company's role at the forefront of ocean technology and its continued commitment to enhancing the capabilities of governmental and scientific communities in their marine-related activities.