Ocean Power Technologies, Inc.
"Energizing Ocean Intelligence"
NYSE American-listed US maker of WAM-V autonomous surface vehicles and wave-powered PowerBuoy platforms, linked by its Merrows maritime-awareness software.
Ocean Power Technologies, Inc. (OPT) is a US maritime domain awareness company. It provides persistent power, communications and autonomous presence at sea for defence and security agencies, offshore energy operators and ocean researchers. OPT was incorporated in New Jersey in April 1984, began commercial operations in 1994, and reincorporated in Delaware in 2007. Its headquarters are at 28 Engelhard Drive, Suite B, Monroe Township, New Jersey. It also has a development, testing and engineering site in Richmond, California. The company's shares trade on NYSE American under the ticker OPTT. It had 53 full-time employees at 30 April 2025, and its fiscal year ends on 30 April. Philipp Stratmann is President and CEO.
OPT began as a wave-energy developer and in 2015 refocused on remote power and data for maritime applications. It now sells hardware outright and also offers it as Data as a Service, Robotics as a Service and Power as a Service. It has three main product lines.
PowerBuoy is OPT's autonomous offshore platform. A moored buoy uses wave energy, backed by onboard storage, to generate its own power. It can host third-party sensors and payloads and relay their data to shore over satellite or radio links. OPT offers next-generation and legacy PowerBuoy versions and has demonstrated deep-water mooring at 1,300 m.
WAM-V (Wave Adaptive Modular Vessel) is a family of autonomous surface vehicles with an articulated, inflatable-pontoon catamaran hull that adapts to the sea surface. It is sold in 8 ft, 16 ft and 22 ft sizes, and OPT offers it with autonomy for survey, inspection, monitoring and security work. WAM-V came from Marine Advanced Robotics (MAR) of Richmond, California. MAR was founded in 2004 and launched the first WAM-V in 2007. OPT bought MAR in November 2021 for 11.0 million dollars at closing (4.0 million in cash and 7.0 million in OPT stock), plus a revenue-based earn-out. At the time MAR had more than 70 WAM-Vs operating in ten countries. OPT now reports more than 80 WAM-V platforms delivered worldwide. Customers include the US Naval Postgraduate School, which has ordered the WAM-V 8. In fiscal 2026 OPT shipped a WAM-V to Greece and was working with Mythos AI on navigation and control. It is also developing an autonomous docking and charging solution for early-access commercial launch in 2026.
Merrows is OPT's command-and-control and data layer. It brings sensor and platform data from PowerBuoys, WAM-Vs and third-party systems into customers' command systems and supports AI and machine-learning integration. OPT has demonstrated a live integration with Anduril's Lattice software.
OPT's largest programme to date is a roughly 6.5 million dollar US Department of Homeland Security contract, with Anduril as prime contractor, for a US Coast Guard maritime domain awareness mission off San Diego. Four new Merrows-equipped PowerBuoys are being delivered from the fourth quarter of fiscal 2026. The company has also signed distribution and strategic agreements with Remah International Group and Unique Group in the UAE, Elektron SAS in Colombia, Ocean Wave Solutions in Brazil, and Red Cat Holdings, as well as an OEM agreement with Teledyne Marine.
For fiscal 2026 (year ended 30 April 2026), OPT reported revenue of 4.1 million dollars, a record backlog of 19.8 million dollars and a sales pipeline of 142.3 million dollars. During the year it combined its sales, technology and operations teams into a single dual-use organisation focused mainly on defence and security. Its New Jersey and California sites are certified to ISO 45001, and the company gained ISO 9001 certification in July 2025. It also holds a US Department of Defense facility security clearance and AUVSI Trusted Operator status.
Primary type & automation activities this supplier delivers:
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Contact Ocean Power Technologies, Inc.
WEBSITE
https://oceanpowertechnologies.com/PHONE
+1 609 730 0400HEADQUARTERS
United States
Company Facts
Founded
1984
Primary Role
Manufacturer
Company Size
-
Primary Region
North America
Annual Sales
-
Funding Stage
Public
Funding Total
-
Certifications & Memberships
Keywords
- Ocean Power Technologies
- Inc.
- WAM-V
- PowerBuoy
- Merrows
- wave energy buoy
- maritime domain awareness
- Marine Advanced Robotics
- Anduril Lattice integration
- data as a service
- autonomous docking and charging
- Manufacturer
- RaaS
- Unmanned Marine Vehicle
- Power & Energy
- Control & Software
- USV
- Defense & Security
- Oil
- Gas & Energy
