Ocean Power Technologies, Inc. announced it has reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the US Government. The final contract award will be a Firm-Fixed-Price purchase order on a noncompetitive basis. Revenue will be recognized ratably over the course of the contract with an expected near-term delivery date.

Due to the sensitive nature of this relationship, terms have not been disclosed. This award builds on the recent commercial success of OPT?s vehicles and PowerBuoys for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in North America, Sub Saharan Africa, and the Middle East.