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MONROE TOWNSHIP, N.J. - Ocean Power Technologies, Inc. (NYSE American:OPTT), a $130 million market cap company that has seen its stock surge over 80% in the past year according to InvestingPro, has entered into a reseller agreement with an unnamed Latin America-based partner to expand its presence in Mexican offshore and maritime markets, according to a press release issued Thursday.
The agreement includes a $3 million purchase commitment for OPT’s WAM-V Unmanned Surface Vehicles. Under the terms, the partner will provide business development, sales, and technical support services in Mexico.
"This partnership opens a strong channel to deploy our intelligent maritime solutions across security, energy, and commercial markets in Mexico," said Philipp Stratmann, CEO of Ocean Power Technologies.
The company stated this agreement is part of its strategy to expand its global reseller network. OPT describes itself as a provider of low-carbon marine power, data, and service solutions, including PowerBuoy platforms that provide electric power and real-time data communications for remote maritime applications.
The partnership follows what the company characterized as a series of recent agreements and deployments in the marine robotics sector. OPT indicated it is prioritizing channel-driven growth and geographic expansion into new markets.
Ocean Power Technologies is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.
In other recent news, Ocean Power Technologies has made a significant change in its auditing arrangements following a merger involving its current auditor. The company announced that Moss Adams LLP, its previous auditor, merged with Baker Tilly US, LLP. As a result, Moss Adams resigned from its role, and the audit practices of both firms will now continue under the Baker Tilly name. The Audit Committee of Ocean Power Technologies’ Board of Directors has approved the appointment of Baker Tilly as the new independent registered public accounting firm for the company. This decision aligns with the merger notification and ensures continuity in the company’s auditing processes. These recent developments mark a notable change in the company’s administrative operations.
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