Ocean Power Technologies and Unique Group Strengthen UAE Partnership with Master Services Agreement

Ocean Power Technologies has expanded its partnership with Unique Group in the UAE through a Master Services Agreement. The deal designates Unique Group as the execution partner for all non-defense WAM-V USV projects in the UAE, with plans to establish a Maintenance, Repair, and Overhaul hub. The agreement provides a framework for joint execution of customer projects, vehicle upgrades, and technology transfer, and is intended to accelerate WAM-V deployments and build recurring lease income.

Ocean Power Technologies (NYSE American: OPTT) has significantly bolstered its presence in the United Arab Emirates (UAE) by expanding its partnership with Unique Group through a Master Services Agreement (MSA). The agreement designates Unique Group as the execution partner for all non-defense WAM-V® Unmanned Surface Vehicle (USV) projects in the UAE [1].

Key aspects of the partnership include the immediate lease of one OPT WAM-V 22 unmanned surface vehicle by Unique Group, revenue sharing, purchase options, and joint expansion of regional fleet capacity. Additionally, the agreement outlines plans for OPT to establish a dedicated Maintenance, Repair, and Overhaul (MRO) hub in the UAE to support regional operations and enhance service responsiveness [1].

The strategic collaboration aims to accelerate WAM-V deployments and scale recurring lease income in the UAE market. By leveraging Unique Group's established regional presence and technical capabilities, OPT gains immediate operational capacity while maintaining technology ownership and participation in revenue generation [1].

The planned establishment of an MRO hub in the UAE reflects industry best practices for maritime technology deployment in emerging markets. This hub will support service continuity and create additional revenue opportunities through aftermarket services [1].

The agreement's structure, combining immediate equipment leasing, revenue sharing mechanisms, and purchase options, creates multiple pathways to monetization while maintaining flexibility. This multi-tiered commercial approach aligns with successful patterns seen in other maritime technology deployments [1].

For OPT, this partnership represents a significant milestone in its commercialization journey. It has the potential to transform the WAM-V technology from a developmental asset into a revenue-generating product without the typical capital expenditures associated with international market expansion [1].

References:
[1] https://www.stocktitan.net/news/OPTT/ocean-power-technologies-accelerates-uae-growth-strategy-through-2z42p8udbak3.html