Ocean Power Technologies Inc (NYSE-A:OPTT)  announced that it has been selected as one of six potential awardees under a $40 million multiple-award contract supporting the Naval Oceanographic Office (NAVOCEANO).

The firm-fixed-price, indefinite-delivery/indefinite-quantity contract will support high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles.

Work is expected to take place across the Indian and Pacific Ocean basins based on NAVOCEANO mission requirements.

The contract has a two-year ordering period expected to begin in August 2026 and run through July 2028.

Individual task orders will be competed among the six contract holders, with the $40 million representing the aggregate ceiling across all awardees rather than an amount awarded to Ocean Power Technologies.

"We believe this award is a strong validation of the work we have undertaken over the past year and beyond to demonstrate that commercially proven maritime technologies can be transitioned into operational capabilities for Department of War customers," Jason Weed, senior vice president of commercial sales at Ocean Power Technologies, said in a statement.

Weed added that the company's deployment history across its WAM-V and PowerBuoy product lines provides a foundation for long-endurance ocean operations and that the contract gives OPT an opportunity to compete for task orders related to ocean-mapping missions.

Shares of OPT added nearly 3% in early Wednesday trade in New York.