Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has acquired strategic subsea developmental technology assets from Columbia Power Technologies, expanding its operational infrastructure portfolio to include capabilities designed for underwater operations.
The acquisition extends the company's offerings from the ocean surface to the seabed, adding intellectual property and engineering assets focused on subsea power technology. Ocean Power Technologies said the transaction strengthens its position as a provider of infrastructure supporting autonomous maritime operations.
According to the company, the acquired portfolio complements its existing offshore power, autonomous surface vehicle, maritime sensing, communications and AI-enabled software capabilities. The addition of subsea power technology is intended to support persistent underwater operations, creating a broader operational infrastructure platform for maritime missions.
"The future of maritime operations will depend on resilient, persistent operational infrastructure that supports autonomous systems above and below the surface," Ocean Power Technologies CEO Philipp Stratmann said in a statement.
"This acquisition expands our technology portfolio with an innovative subsea capability that complements our existing solutions and reinforces our strategy to deliver operational infrastructure across the maritime domain for defense, security and commercial customers."
Ocean Power Technologies said the acquisition could expand its ability to support applications including resident autonomous systems, subsea sensing, distributed communications, underwater vehicle support and long-duration maritime missions. The company added that the technology provides a foundation for addressing future requirements in both defense and commercial maritime markets.
The transaction was structured as an asset acquisition, securing ownership of strategic intellectual property and technical capabilities while preserving financial flexibility, the company said.
Ocean Power Technologies also noted that the acquisition includes developmental work and early customer engagement that it believes could accelerate commercialization, reduce development risk and shorten the path to market for future subsea solutions.
The transaction closed effective July 22.