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Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and uncrewed surface vehicle (USV) solutions, today announced that it has entered into a Master Services Agreement ("MSA") with its established partner, Unique Group, a UAE-headquartered global leader in subsea technologies and offshore engineering.
This MSA formalizes and significantly expands the strategic collaboration originally announced in July 2024, positioning Unique Group as OPT's execution partner for all non-defense WAM-V® USV projects in the United Arab Emirates (UAE). With a well-established regional partner and a clear operational path, OPT believes it is now positioned to accelerate WAM-V deployments, convert active interest into revenue, and scale recurring lease income in the UAE without significant additional overhead.
As part of the agreement, Unique Group will immediately lease one OPT WAM-V 22 unmanned surface vehicle, with provisions for revenue sharing, purchase options, and joint expansion of regional fleet capacity. The agreement also includes plans for OPT to establish a dedicated Maintenance, Repair, and Overhaul (MRO) hub in the UAE to support regional operations and enhance service responsiveness.
Posted In: OPTT
