Ocean Power Technologies welcomes new CFO

Marine energy company Ocean Power Technologies (OPT) has named Robert P. (Bob) Powers as senior vice president and chief financial officer (CFO), effective 13 December 2021.

The new CFO brings more than 25 years of experience in finance and strategy to the company. Prior to OPT, Powers served as CFO at Constellation Advisors, a private equity-owned provider of outsourced back-office operations and compliance services.

He also held financial leadership roles with Sterling Talent Solutions, Wood Group PPS – a division of Wood Group, GTE, SABIC Innovative Plastics, and Plug Power and provided financial consulting services to various companies.

“Through its recent efforts and strategic acquisitions, OPT is entering an exciting growth phase that I wanted to be part of. I believe my direct experience will allow me to hit the ground running. I am delighted to join this exciting company and look forward to working with the OPT leadership and finance teams to contribute to the company’s sustainable growth strategy”, said Robert Powers.

OPT’s recently appointed CEO Philipp Stratmann added: “We are thrilled to welcome Bob to OPT, where we expect him to have an immediate impact on our business operations. He brings a broad range of financial experience and a long track record of delivering results and creating value.

“In particular, his experience at building subscription revenues and overseeing global operations will be important as we execute our growth strategy of market expansion, development of power and data as a service and inorganic growth. On behalf of OPT, we welcome Bob to our team”.

Last month, the US-based company acquired the developer and manufacturer of autonomous surface vehicles (ASVs) Marine Advanced Robotics.

The acquisition is said to immediately provide OPT with an established, innovative offshore product line that features roaming capability and highly complements the company’s business strategy.