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Wall Street crash: Ocean Power sealed an alliance and its shares soared by almost 90%

Wall Street crash: Ocean Power sealed an alliance and its shares soared by almost 90%
Wall Street crash: Ocean Power sealed an alliance and its shares soared by almost 90%

Ocean Power shares rose 85.6% on Tuesday, a meteoric rise from $0.1248 in June to $0.5126 in this session.

The company added that Unique Group’s knowledge of the local industry and its presence will facilitate more efficient maintenance and service.

Ocean Power Technologies Inc (NYSE-A: OPTT) announced that it is joining Unique Group to deploy their WAM-V Unmanned Surface Vehicles (USVs) in the Middle East and its shares soared almost 90%.

Ocean Power Technologies is a renewable wave energy technology company based in New Jersey, United States. The company specializes in developing systems that generate electricity by harnessing renewable energy from ocean waves. Its core technology is known as PowerBuoy, which integrates hydrodynamics, electronics, power conversion, and computer control systems to extract natural energy from ocean waves.

Thus, the actions of Ocean Power shares rose 85.6% on Tuesdaya meteoric rise from US$0.1248, where it was trading in June, to US$0.5126 reached in this session. Investors welcomed the news.

Unique Group is an innovative company based in the United Arab Emirates (UAE) and its sector is underwater technologies and engineering, with more than 600 employees and 20 operational bases worldwide.

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Ocean Power Technologies is a renewable wave energy technology company based in New Jersey, United States.

Ocean Power Technologies is a renewable wave energy technology company based in New Jersey, United States.

Reuters

The firm highlighted that integrating its commercially available vehicles with Unique Group’s leading position in the UAE’s offshore energy industry will accelerate the adoption of USVs in the region.

The CEO’s words

“Working with Unique Group will further accelerate our efforts to deploy USVs globally,” he said. Philipp StratmannCEO of OPTT, said in a statement. “We are very excited about the prospects for expansion in the UAE and applaud the local industry’s forward-thinking approach in embracing autonomous technologies.”

He noted that integrating its commercially available vehicles with the leading position of Unique Group in the UAE offshore energy industry will accelerate the adoption of USVs in the region. The company added that Unique Group’s knowledge of the local industry and its presence will facilitate more efficient maintenance and service.

Jack DoughertyGlobal Head of USV at Unique Groupexpressed his enthusiasm for the strategic partnership. “By leveraging our extensive regional experience and advanced engineering capabilities, we are committed to helping OPTT develop a Gulf Cooperation Council (GCC)-specific WAM-V 22,” he said.

Source: Ambito

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