Shares of renewable energy company Ocean Power Technologies Inc. ( OPTT ) are trading higher in on Friday after the company entered into a strategic distribution partnership with Elektron SAS, a Colombia-based expert in hydrographic and oceanographic systems.

The deal includes a $4 million purchase agreement for OPT's maritime technologies and will help the company gain a stronger foothold in Latin America.

Ocean Power’s technologies include WAM-V Unmanned Surface Vehicles, Next Generation PowerBuoy and the Merrows artificial intelligence platform.

“This agreement represents another key step forward in continuing to scale OPT’s global reseller network and unlocking additional high-growth markets,” said CEO Philipp Stratmann.

“Elektron’s expertise and trusted position in the region provide a strong channel to deploy our intelligent maritime solutions for our customers across the energy and security industries. This builds on our existing momentum in Latin America and advances our broader goal of global expansion through strategic partnerships.”

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The company aims to broaden its global reach and capitalize on regional growth opportunities through Elektron's established local presence and client network.

Under the reseller agreement, Elektron will provide sales, integration, and technical support services for Ocean Power’s full product line.

Ocean Power Technologies ( OPTT ) offers advanced maritime solutions that support safer and more sustainable ocean operations in sectors such as defense, energy, research, and offshore wind.

The company expects second-quarter revenue to surpass $2 million, more than doubling from $0.9 million in the prior year.

Price Action: OPTT shares traded higher by 10.38% at $0.44 in premarket at last check Friday.

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