Ocean Power Technologies Inc (NYSE-A:OPTT) has entered into a memorandum of understanding (MOU) with AltaSea, an ocean technology campus at the Port of Los Angeles.
The partnership aims to explore opportunities within the ‘Blue Economy’, focusing on supporting companies that develop and deploy marine energy technologies.
"As we continue our growth, we are excited to partner with AltaSea to explore supporting the group of companies developing and deploying marine energy and Blue Economy technologies and projects here in the Port of Los Angeles,” chief executive Philipp Stratmann said in a statement.
“We are also excited about the opportunities for staging our renewable energy PowerBuoys and WAM-V unmanned surface vehicles at AltaSea for other projects in the Pacific Ocean.”
AltaSea director Jade Clemons, meanwhile, added: “We couldn’t be more pleased to welcome OPT to the AltaSea wave and tidal energy coalition.
“There’s extraordinary potential, and extraordinary need, for marine energy in California as the state strives to meet its clean energy goals.
“The experience and expertise OPT brings to the space will be valuable to advancing the industry as a whole statewide.”