Ocean Power Technologies (OPTT) Reports New $250K Contract with U.S. Department of Defense Office of Naval Research
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Ocean Power Technologies Announces New Contract with the U.S. Department of Defense Office of Naval Research
September 14, 2016 9:18 AM EDTPENNINGTON, N.J., Sept. 14, 2016 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT) (OPT or the Company) announced today that it has been awarded a contract (or Contract), valued at nearly $250,000, by the U.S. Department of Defense Office of Naval Research (ONR) to conduct the design of a new mass-spring oscillating PowerBuoy for mission critical sensors. Such a PowerBuoy differs from the current PB3 type in that it is self-contained and has no external moving components. Phase one of the contract scope includes the system design and laboratory testing of a proprietary, self-contained, inertia-based,... More
