After what was deemed a botched IPO, Ocean Power Tech. (OPTT-NASDAQ) has issued its first contract award press release since coming public. The company has been awarded a US $1.7 million contract from the US Navy to provide its PowerBuoy technology to a program for ocean data gathering designed to utilize sophisticated data gathering and communications systems.
This advanced technology program has prospective applications which include vessel tracking for homeland security, and utilizes wide-area unattended sensor networks. Under this contract, the Navy will ocean test OPT’s autonomous PowerBuoy as the power source for the DWADS program. OPT will support the Navy’s ocean test procedures in the areas of mooring design, at-sea operations and deployment. OPT’s performance under this contract will commence in June 2007, and is expected to continue over an eighteen-month period.
As far as how this compares, the company only produced revenues of $1.513 Million for the 9-months ended January 21, 2007. This might not be enough to mend a broken IPO, but this is a start and is actually different than the normal course issue of its main goals in producing power from the energy of ocean waves.
Jon C. Ogg
June 7, 2007
Jon Ogg can be reached at firstname.lastname@example.org; he does not own securities in the companies he covers.