Shares of Ocean Power Technologies, Inc. (OPTT) surged 43% on Tuesday after the company announced partnership with Unique Group for autonomous vehicle services in the Middle East.
OPTT is currently trading at $0.3962, up $0.1200 or 43.4468%, on a huge volume of 183 million shares, compared to average volume of about 14 million, on the Nasdaq. The stock opened its trading at $0.4500 after closing Monday at $0.2762. The stock has traded between $0.1200 and $0.7700 in the past 52-week period.
Ocean Power Technologies announced it has partnered with Unique Group, a UAE headquartered global innovator in subsea technologies and engineering. Unique Group and Ocean Power will collaborate to deploy Ocean Power's existing WAM-V Unmanned Surface Vehicles in the UAE and other countries in the Gulf Collaboration Council region.
Commenting on the partnership, Ocean Power CEO Philipp Stratmann, said, "Working with Unique Group will further accelerate our efforts to deploy USVs globally. We are very excited about the prospects of expanding into the UAE and applaud the local industry's forward thinking in adopting autonomous technologies."
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