Ocean Power Technologies Acquires Subsea Wave Power IP from Columbia Wave
Ocean Power Technologies Inc (NYSE-A:OPTT) has acquired the subsea wave power generating intellectual property portfolio from Columbia Wave Power. This acquisition allows Ocean Power to expand its capabilities beyond surface maritime operations into seabed infrastructure, enabling it to provide a more comprehensive solution for powering underwater sensors and robotics. The company reported strong financial results in FY26, including a $6.5 million recurring revenue contract with the US Coast Guard—the largest deployment in its history. CEO Philipp Stratmann emphasized that this marks a transformational year as Ocean Power shifts from being primarily a technology provider to an infrastructure services provider. Looking ahead, the focus for FY27 will be on increasing recurring revenue and converting more pipeline opportunities into contracted backlog. Ocean Power continues working with U.S. government agencies such as the Department of Homeland Security and Border Protection. The company aims to leverage its expanded capabilities in both surface-to-seabed operations to support maritime monitoring, economic prosperity, ocean protection, and homeland security.
Topics: intellectual property acquisition ocean power renewable energy