Ocean Power Technologies Inc (NYSE-A:OPTT) has entered into a memorandum of understanding (MOU) with AltaSea at the Port of Los Angeles to explore opportunities in the ‘Blue Economy.’
The Blue Economy refers to sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems. It encompasses various sectors such as fisheries, renewable energy, marine transport, tourism, and biotechnology, focusing on maximizing benefits from ocean resources in a sustainable manner.
OPT’s agreement with AltaSea leverages the former’s expertise in renewable energy technologies alongside AltaSea's marine energy initiatives.
"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,” OPT CEO Philipp Stratmann said in a statement.
Stratmann noted the potential for OPT's renewable energy PowerBuoys and WAM-V unmanned surface vehicles to contribute to projects across the Pacific Ocean.
Jade Clemons, director of the Blue Sustainable Economy Alliance at AltaSea, highlighted the significance of OPT joining their 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," Clemons said. “The experience and expertise OPT brings to the space will be valuable to advancing the industry as a whole statewide.”