Ocean Power Technologies, Inc. (NYSE: OPTT) shares progressed Friday, as the company leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced the signing of a reseller agreement with Elektron SAS, a Cartegena, Colombia based specialist in hydrographic and oceanographic instrumentation services.
This partnership significantly expands OPT’s commercial footprint across Latin America, leveraging Elektron’s strong regional presence and deep relationships. Under the agreement, Elektron will offer sales, integration, and support services and includes a $4-million purchase commitment for OPT’s full suite of intelligent maritime technologies, including the WAM-V® Unmanned Surface Vehicles (USVs), the Next Generation PowerBuoy®, and the AI-powered Merrows™ platform.
“This agreement represents another key step forward in continuing to scale OPT’s global reseller network and unlocking additional high-growth markets,” said Philipp Stratmann, CEO of Ocean Power Technologies.
“Elektron’s expertise and trusted position in the region provide a strong channel to deploy our intelligent maritime solutions for our customers across the energy and security industries. This builds on our existing momentum in Latin America and advances our broader goal of global expansion through strategic partnerships.”
This partnership follows a series of recent agreements and deployments that reinforce OPT’s position as a global leader in the marine robotics sector. The Company continues to prioritize channel-driven growth, scalable product deployments, and geographic expansion into high-potential markets.
OPTT shares began the week’s last session up two cents, or 3.9%, to 41 cents.