Ocean Power Technologies Awarded Multi-Year NOAA ProTech Oceans IDIQ Contract; To Contribute Its Advanced Technologies to Support NOAA's Critical Research And Operation Missions; Minimum Duration Of Five Years And Early Potential Of Several Million/Year In Revenue
Portfolio Pulse from Benzinga Newsdesk
Ocean Power Technologies (OPTT) has been awarded a multi-year Indefinite Delivery, Indefinite Quantity (IDIQ) contract by the National Oceanic and Atmospheric Administration (NOAA) to support its critical research and operation missions. The contract has a minimum duration of five years, with an early potential of generating several million dollars per year in revenue for OPTT.
April 30, 2024 | 12:29 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Ocean Power Technologies secures a significant multi-year contract from NOAA, promising a steady revenue stream for at least five years.
The contract with NOAA is a significant development for Ocean Power Technologies, indicating a strong vote of confidence in the company's advanced technologies. This partnership not only secures a steady revenue stream for a minimum of five years but also enhances OPTT's credibility and market position. Given the contract's potential to generate several million dollars per year in revenue, it is likely to have a positive impact on OPTT's financial performance and investor perception in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100