Ocean Power Technologies, Inc. (OPTT)

Ocean Power Technologies provides intelligent maritime solutions, including ocean data collection and reporting, marine power, offshore communications, and Maritime Domain Awareness (MDA) products and consulting services. Its proprietary technologies are meant to enable more secure and productive use of oceans and waterways, deliver clean and renewable power, and supply surface and subsea MDA. The company was incorporated in New Jersey in April 1984, began commercial operations in 1994, and reincorporated in Delaware on April 23, 2007. It is involved in the full product life cycle, from design through manufacturing, testing, deployment, maintenance and upgrades.

The business is organized around three service areas. Data as a Service covers data gathered by its Wave Adaptive Modular Vessel (WAM-V) autonomous vehicles or PowerBuoy platforms, including its Maritime Domain Awareness Solution (MDAS). The MDAS combines high-definition radar, optical and thermal cameras, and an AIS detection module with command and control software, edge computing and cloud analytics. It is still being developed, with offshore demonstrations under way off New Jersey. The WAM-V line came from the November 2021 acquisition of Marine Advanced Robotics, Inc. It comes in 8, 16 and 22 foot sizes, is also offered through Robotics as a Service leasing, and has been deployed more than 70 times. Power as a Service includes the wave-powered PB3 PowerBuoy (up to 3 kW peak, with energy storage up to a nominal 150 kWh), the solar and wind capable hybrid PowerBuoy, and a lithium-ion phosphate subsea battery (nominal 100 kWh, rated to 500 meters). Strategic Consulting Services, expanded by the February 2021 acquisition of 3dent Technology, LLC, offers ocean engineering, structural and dynamic analysis, FEED studies, and motion simulation.

Customers and target markets include defense and security, offshore oil and gas, offshore wind, science and research, and construction, along with government applications such as border security, vessel tracking, fishery protection and monitoring of marine protected areas. Consulting clients include offshore wind developers, construction companies, drilling contractors, major oil companies, shipyards and engineering firms. The company has relationships with agencies including the U.S. Navy, U.S. Department of Energy, U.S. Department of Homeland Security and NOAA. In October 2020 it agreed with Adams Communication & Engineering Technology to study a PB3 power and 5G solution for the Naval Postgraduate School's SLAMR initiative.

The company works with third-party partners for software, controls, sensors, integration and marine installation services, and uses domestic supply chain sources where available to reduce exposure to global sourcing uncertainty. It is also standardizing manufacturing and production testing procedures with its suppliers. Its stated strategy is to grow through internal development, partnerships and possible acquisitions, and to expand in offshore wind, floating foundation design and offshore energy.