Ocean Power Technologies Inc (NYSE-A:OPTT) CEO Philipp Stratmann talked with Proactive about the company's latest deployment with Rutgers University and how its buoy technology is helping modernize ocean sensing infrastructure while creating new opportunities across research, security and environmental monitoring applications.
Ocean Power Technologies recently completed a deployment for Rutgers University, replacing a failing cable endpoint at a long-running ocean and underwater sensing laboratory with one of the company's buoy systems. The deployment allows Rutgers to power underwater sensors directly from the buoy, providing a more cost-effective alternative to replacing aging infrastructure.
Stratmann explained that the project demonstrates the company's ability to execute multiple deployments simultaneously while responding quickly to customer requirements. He noted that the company was able to support Rutgers while also delivering buoy installations for the US Department of Homeland Security in California.
The interview also covered Ocean Power Technologies' recently announced sale to Stevens Institute of Technology in New Jersey. Stratmann said the company's growing fleet of available vehicles allows it to rapidly customize systems for customers and accelerate deployments.
He highlighted increasing demand for monitoring, sensing and security solutions around major public events, coastal activities and environmental applications. Stratmann also discussed the dual-use nature of the company's technology, which serves homeland security, defense, academic research and local economic development initiatives.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Philipp Stratmann, CEO of Ocean Power Technologies. Philipp, great to see you again. How are you?
Philipp Stratmann: Doing well. Good to be on again.
You've announced some interesting news regarding a deployment with Rutgers University. Tell me how this came about and what it means.
We're continuing to execute, and that's one of the key things we want people to understand. At the same time as we were installing buoys at the border in California for the Department of Homeland Security, we also installed a system for Rutgers for underwater sensors.
This is an ocean and underwater sensing laboratory that Rutgers has operated for decades. The cable was failing, and instead of doing a costly replacement, Rutgers contracted us to replace the cable endpoint with one of our buoys.
Now we can power all their sensors from the buoy itself. It's a really cost-efficient way to collect additional data at a time when more ocean sensing and ocean data are needed.
The speed at which you solved their problem is something the company appears proud of. Being able to respond quickly seems important.
Absolutely. It's part of the continued fleet buildout we've discussed. Not only were we able to respond to Rutgers quickly, but we also announced a sale of one of our vehicles to Stevens Institute of Technology in Hoboken, New Jersey.
Having vehicles available allows us to move quickly, customize them with the sensors customers require and deliver them at the earliest opportunity.
This time of year brings beach season, major sporting events and increased activity on the water. Does that create additional demand from enterprise customers?
I think it does. Here in New Jersey, FIFA events are taking place nearby, beach season is approaching, and there are other major events ahead, including Sail250 and July 4 celebrations.
What we're showcasing is private enterprise stepping in to provide monitoring and sensing capabilities that customers need. We can respond quickly and provide cost-efficient systems that collect the data required for security, environmental monitoring and supporting local economies.
All of this is being done through local supply chains like ours.
You have activity in education and research, as well as ocean monitoring and defense. It seems both verticals are gaining momentum.
Absolutely. Although "dual use" is an overused term, our systems truly are dual use. They can support homeland security, military and defense applications, while also serving academic institutions, research organizations and local economies.
It's a great way for us to broaden our opportunities as we continue converting pipeline activity into backlog and revenue.
Great announcement this morning, Philipp. Thanks for joining us.
I appreciate it. Thanks for having me on.
Quotes have been lightly edited for style and clarity