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Ocean Power Technologies Expands Subsea Capabilities with Columbia Wave Power Acquisition and Secures $6.5 M US Coast Guard Contract
Ocean Power Technologies Inc. (NYSE‑A:OPTT) announced that it has acquired the subsea wave‑power generating intellectual‑property portfolio from Columbia Wave Power. The deal, disclosed in a July 24 interview with Proactive, is part of the company’s strategy to broaden its maritime platform from surface operations to seabed infrastructure.
The acquisition follows a year in which Ocean Power reported its largest deployment and a recurring‑revenue contract worth roughly $6.5 million from the U.S. Coast Guard. The Coast Guard contract includes a 15‑month performance period and a recurring services component, according to the company’s earnings call transcript. The deal is described as transformational for the company’s shift from a technology provider to an infrastructure‑services provider.
According to CEO Philipp Stratmann, the company has historically focused on surface‑based maritime domain awareness and maritime dominance. The new subsea IP portfolio will allow Ocean Power to power underwater sensors, robotics and other equipment, complementing its existing buoy systems that already support subsea applications such as underwater cable connections in Monterey Bay and subsea junction boxes in Chile that collect environmental data.
The CEO said the company’s platform now offers an “operational infrastructure layer that is currently missing.” He added that the addition of subsea capabilities will enable customers to receive a more holistic solution that covers monitoring, awareness and power from the seabed up to the surface.
Ocean Power’s PowerBuoy wave‑energy conversion technology has been used to provide power and communications to remote offshore sites. While the company’s earlier large‑scale projects, such as the 2012–2014 collaboration with Lockheed Martin in Australia, were deemed not commercially viable, the firm has pivoted to delivering power and communications services for offshore oil and gas, science, research and wind markets.
The company’s FY26 results also highlighted a focus on increasing recurring revenue and converting pipeline opportunities into backlog. Stratmann noted that in FY27 the company will aim to accelerate backlog conversion into revenue and continue to pursue government contracts as a key growth area.
Ocean Power’s expansion into subsea technology aligns with its broader AI‑enabled maritime infrastructure platform. The company’s existing surface buoys already provide maritime domain awareness, and the new subsea assets will extend that capability to the underwater domain, where monitoring and power needs are growing.
As of the latest reporting, Ocean Power remains a publicly traded company on the New York Stock Exchange under the ticker OPTT. The acquisition and the Coast Guard contract are the most recent milestones in a company that has been steadily shifting its business model toward infrastructure services for maritime and offshore applications.
In the coming months, investors will watch for the company’s FY27 guidance, any further contract wins, and progress on integrating the Columbia Wave Power assets into its operational platform. The company’s next earnings call will provide additional detail on revenue mix, backlog status and the status of its ongoing projects.
The acquisition follows a year in which Ocean Power reported its largest deployment and a recurring‑revenue contract worth roughly $6.5 million from the U.S. Coast Guard. The Coast Guard contract includes a 15‑month performance period and a recurring services component, according to the company’s earnings call transcript. The deal is described as transformational for the company’s shift from a technology provider to an infrastructure‑services provider.
According to CEO Philipp Stratmann, the company has historically focused on surface‑based maritime domain awareness and maritime dominance. The new subsea IP portfolio will allow Ocean Power to power underwater sensors, robotics and other equipment, complementing its existing buoy systems that already support subsea applications such as underwater cable connections in Monterey Bay and subsea junction boxes in Chile that collect environmental data.
The CEO said the company’s platform now offers an “operational infrastructure layer that is currently missing.” He added that the addition of subsea capabilities will enable customers to receive a more holistic solution that covers monitoring, awareness and power from the seabed up to the surface.
Ocean Power’s PowerBuoy wave‑energy conversion technology has been used to provide power and communications to remote offshore sites. While the company’s earlier large‑scale projects, such as the 2012–2014 collaboration with Lockheed Martin in Australia, were deemed not commercially viable, the firm has pivoted to delivering power and communications services for offshore oil and gas, science, research and wind markets.
The company’s FY26 results also highlighted a focus on increasing recurring revenue and converting pipeline opportunities into backlog. Stratmann noted that in FY27 the company will aim to accelerate backlog conversion into revenue and continue to pursue government contracts as a key growth area.
Ocean Power’s expansion into subsea technology aligns with its broader AI‑enabled maritime infrastructure platform. The company’s existing surface buoys already provide maritime domain awareness, and the new subsea assets will extend that capability to the underwater domain, where monitoring and power needs are growing.
As of the latest reporting, Ocean Power remains a publicly traded company on the New York Stock Exchange under the ticker OPTT. The acquisition and the Coast Guard contract are the most recent milestones in a company that has been steadily shifting its business model toward infrastructure services for maritime and offshore applications.
In the coming months, investors will watch for the company’s FY27 guidance, any further contract wins, and progress on integrating the Columbia Wave Power assets into its operational platform. The company’s next earnings call will provide additional detail on revenue mix, backlog status and the status of its ongoing projects.
