Ocean Power Technologies secures $1 Million follow-on contract for U.S. military’s Project Overmatch [Video]

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to announce that the company has been awarded a follow-on contract valued at $1 million as a subcontractor to EpiSci, following the successful completion of a 12-month demonstration of its autonomous surface vehicle technologies during the Mission Autonomy Proving Grounds, a part of Project Overmatch.

Stratmann highlighted OPT’s continued efforts to enhance the operational capabilities of its autonomous maritime technologies, designed to support the U.S. military and its allies.

This partnership aims to develop a scalable, commercial off-the-shelf system that offers full-spectrum, unmanned solutions capable of navigating and operating in the maritime environment. The first set of exercises has already been completed, with immediate revenue recognition from these activities.

This follow-on contract represents a significant step forward in OPT’s mission to contribute to national security efforts while expanding the use of its advanced maritime technology across defense sectors.

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