Ocean Power Technologies expands with Columbia Wave IP - ICYMI

Ocean Power Technologies Inc (NYSE-A:OPTT) CEO Philipp Stratmann talked with Proactive about the company's acquisition of the subsea wave power generating intellectual property portfolio from Columbia Wave Power, recent financial results and how the business is expanding its capabilities from surface maritime operations to seabed infrastructure.

We acquired the subsea wave power generating IP portfolio from Columbia Wave Power. We've been focused on surface maritime domain awareness and maritime dominance, but this acquisition helps us extend our offering from the surface down to the seabed. As experts in maritime power generation at a non-grid-connected scale, it completes an important part of our overall solution.

While much of our work is above the water, much of what customers need to monitor is below it. Our existing buoy systems already support subsea applications, including underwater cable connections in Monterey Bay and subsea junction boxes in Chile that collect environmental data. This acquisition allows us to expand into the subsea domain, powering underwater sensors, robotics and other equipment w...