09:02 AM EDT, 07/15/2024 (MT Newswires) -- Ocean Power Technologies ( OPTT ) said Monday that it has been awarded a contract for the immediate delivery of a PowerBuoy in the Middle East.

The PowerBuoy is equipped with Merrows, the company's artificial intelligence-capable maritime domain awareness solution.

The company said the contract will generate revenue in the current quarter.

The value of the contract was not disclosed.

Shares of Ocean Power Technologies ( OPTT ) were up more than 10% in recent premarket activity.

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