Ocean Power Technologies

Ocean Power Technologies (OPT) is a publicly traded company specializing in renewable energy solutions and intelligent maritime services for remote offshore applications. Founded in 1984 by Dr. George W. Taylor and the late Dr. Joseph R. Burns, the company initially focused on harnessing wave energy. After early projects determined that grid-scale wave energy was not commercially viable, OPT pivoted its strategy to commercialize its technology for providing power and communications to remote sites, such as offshore oil fields and defense and security operations.

The company's core product is the PowerBuoy®, a platform that uses wave, solar, and wind power to provide clean, reliable electric power and real-time data communications for offshore and subsea applications. The PowerBuoy enables continuous operations in remote ocean environments for clients in the offshore energy, defense and security, and science and research markets. In a significant strategic expansion, OPT acquired Marine Advanced Robotics (MAR) in November 2021. This acquisition added the WAM-V® (Wave Adaptive Modular Vessel), an autonomous surface vehicle (ASV), to its portfolio. The WAM-V's flexible structure and inflatable pontoons allow it to adapt to the water's surface, providing a stable platform for applications like marine surveys, surveillance, and environmental monitoring.

OPT's business model involves the sale and lease of its PowerBuoy® platforms and WAM-V® vehicles, alongside services like installation, maintenance, and data solutions. The company generates revenue from contracts with government agencies and commercial clients, and is expanding its recurring revenue streams through Data as a Service (DaaS) and Robotics as a Service (RaaS) models. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, the company is led by President and CEO, Dr. Philipp Stratmann. Recent technological milestones include demonstrating the remote docking and charging of a WAM-V® with a PowerBuoy®, a key step toward enabling persistent, long-duration autonomous missions at sea.

Keywords: maritime solutions, autonomous surface vehicles, renewable ocean energy, remote power solutions, real-time data communications, PowerBuoy, WAM-V, maritime domain awareness, offshore energy services, subsea applications, marine robotics, environmental monitoring, ocean surveillance, hydrographic survey, coastal security, wave energy conversion, offshore charging, unmanned systems, marine technology, defense maritime solutions