Our Company
A pioneer in ocean-energy technology, OPT's sustainable power generation and data capabilities with low- and low- to no-carbon solutions allow for smarter and faster actionable insights for ocean operations that are becoming increasingly digitized.
Energizing Ocean Intelligence™
- Our Mission -
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets.
- Our Vision -
Connecting our oceans with those who operate there.
Founded in 1984 and headquartered in Monroe Township, New Jersey, OPT initially focused on the research and development of large systems meant to harness the power of the ocean to supply power to mainland electrical grids.
The PowerBuoy® wave energy converter (WEC) was borne of these efforts and evolved over years of trials and periodic ocean testing since 1997.
In 2015, OPT pivoted to commercializing a PowerBuoy® to provide autonomous, zero-carbon power and data solutions for the increasing electrical needs of offshore industries, scientific research, and territorial security, among other applications. These critical missions require consistent power, 24/7 full-scale data capabilities, and real-time communications.
The OPT PB3 PowerBuoy® became the company’s first fully commercial product, generating electricity by harnessing the renewable energy of ocean waves. OPT has also introduced the hybrid PowerBuoy® and Subsea Battery, which leverage our existing expertise in offshore power systems to expand our product line and diversify OPT’s solutions.
In early 2021, OPT acquired 3Dent Technology, an offshore energy engineering and design services company based in Houston, Texas. This team forms the core of our Strategic Consulting Services and provides offshore engineering services support oil and gas, offshore wind, and other industries, from early-stage innovation to detailed structural analysis.
In late 2021, OPT acquired Marine Advanced Robotics, a San Francisco Bay Area -based developer and manufacturer of autonomous surface vehicles (ASVs). The wholly owned company offers three models of highly maneuverable and stable ASVs using Wave Adaptive Modular Vessel (WAM-V®) technology — the ultra-portable 8-foot WAM-V 8, the WAM-V 16, and the more powerful WAM-V 22. — and marine robotics services.
For more information about OPT, visit the Investor Relations page to read our latest Annual Report.