Ocean Power Technologies Inc (NYSE-A:OPTT) has called on New Jersey lawmakers to strengthen support for the state’s emerging marine energy industry, citing its potential to create jobs, bolster climate resilience and enhance national security.
Speaking at a joint hearing of the New Jersey Assembly Environment, Natural Resources, and Solid Waste Committee and the Senate Environment and Energy Committee, OPT CEO Philipp Stratmann said the state’s coastline, workforce and industrial base position it to lead the US in tidal and wave energy.
Stratmann pointed to the company’s recent installation of an AI-capable Merrows PowerBuoy for the Naval Postgraduate School in Monterey Bay, which integrates AT&T 5G technology and subsea sensors to provide continuous monitoring and real-time data for defense, power and environmental applications.
“This deployment shows exactly what’s possible when cutting-edge marine energy meets mission-critical needs,” Stratmann said.
Stratmann urged lawmakers to create clear test sites, streamline permitting, and advocate for New Jersey firms in federal arenas to accelerate innovation. The company’s PowerBuoy systems and WAM-V autonomous surface vehicles are used globally for clean energy generation, environmental monitoring and maritime domain awareness.
“With clear test sites, streamlined permitting, and active state advocacy in federal arenas, we can drive innovation, create high-value jobs, and enhance both climate resilience and national security, all from our own coastline,” Stratmann said.