Ocean Power Technologies, the Monroe Township-based ocean energy solutions business, said Tuesday that it closed on the $11 million acquisition of Marine Advanced Robotics, a Richmond, California-based developer and manufacturer of autonomous surface vehicles, or ASVs.
This acquisition immediately provides OPT with an established, innovative offshore product line that features roaming capability, according to a news release.
Marine Advanced Robotics is the developer of Wave Adaptive Modular Vessel technology, which enables roaming capabilities for uncrewed equipment in waters around the world.
Terms of the deal at closing included $4 million in cash and $7 million in common stock, or 3.3 million shares. There is an additional earnout opportunity for Marine Advanced Robotics based on revenue performance over the next two years, it said.
Marine Advanced Robotics will continue to operate under its current brand name as a wholly owned subsidiary of Ocean Power, the company said.
“The acquisition of Marine Advanced Robotics is a continuation of OPT’s long-term growth strategy to expand our market value proposition, specifically in the growing maritime domain awareness sector,” Philipp Stratmann, OPT CEO and president, said in a prepared statement. “We are excited to add MAR’s roaming products to our state-of-the-art stationary products. We believe that our collective product and solutions portfolio will allow OPT to deliver real-time data to a wide variety of market opportunities. With its experienced MAR team joining our team, OPT is well-positioned to bring added value to potential customers while expanding our reach into new markets and building revenue.”
