Ocean Power Technologies picked for NOAA contract that could be worth millions of dollars

Ocean Power Technologies, the Monroe Township-based maritime solutions company, announced Tuesday that it has been chosen as part of a team awarded a multiyear contract as part of the National Oceanic and Atmospheric Administration’s Professional, Scientific and Technical Services Oceans Domain Indefinite Delivery Indefinite Quantity contract. The contract will enable OPT to help support NOAA’s mission to understand and predict changes in climate, oceans and other factors.

Under the contract, which has a minimum duration of five years, OPT will contribute advanced technologies, including its PowerBuoy systems and WAM-V autonomous surface vessels, to NOAA. The contract has the potential for several million dollars per year in revenue, OPT noted in its news release. The overall contract has a ceiling of $8 billion.

“We are honored to support NOAA’s essential work in oceanic and atmospheric science,” OPT CEO and President Philipp Stratmann said in a prepared statement. “This contract is a testament to OPT’s commitment to delivering innovative and reliable solutions that can withstand the demanding conditions of marine environments. We look forward to working closely with NOAA to advance the understanding and sustainability of our oceans.”