Ocean Power Technologies signs MoU with AltaSea to explore marine energy opportunities

U.S.-headquartered Ocean Power Technologies (OPT) has signed a Memorandum of Understanding (MoU) with AltaSea at the Port of Los Angeles to advance wave power projects.

According to OPT, the joint aim behind this MoU is to explore opportunities in the blue economy, building on OPT’s CEO Philipp Stratmann’s recent visit to AltaSea.

“As we continue our growth, we are excited to partner with AltaSea to explore supporting the group of companies developing and deploying marine energy and Blue Economy technologies and projects here in the Port of Los Angeles. We are also excited about the opportunities for staging our renewable energy PowerBuoys and WAM-V unmanned surface vehicles at AltaSea for other projects in the Pacific Ocean,” said Stratmann.

OPT’s Power Buoys are wave-powered energy devices that can act as uninterruptable power supply (UPS) devices that recharge themselves by harvesting energy from waves. They are ocean-deployed, moored, and floating over the point of use.

WAM-V, or Wave Adaptive Modular Vessel, is an autonomous surface vehicle (ASV) that provides versatile capabilities for a wide range of maritime applications. The ASV can perform a variety of tasks, including data collection, surveillance, and communication.

“We couldn’t be more pleased to welcome OPT to the AltaSea wave and tidal energy coalition. There’s extraordinary potential, and extraordinary need, for marine energy in California as the state strives to meet its clean energy goals. The experience and expertise OPT brings to the space will be valuable to advancing the industry as a whole statewide,” said Jade Clemons, Director of the Blue Sustainable Economy Alliance at AltaSea.

Located on 35 acres at the Port of Los Angeles, AltaSea is an ocean technology campus that has 27 tenants exclusively focused on ocean innovation and research collaborations with numerous colleges and universities, including USC and UCLA – all finding solutions to climate change through the ocean. 

AltaSea signed a MoU in June 2024 with California-based developer of wave energy, CalWave, to establish a local wave energy industry and build projects off the coast of California. 

AltaSea and CalWave supported a bill that requires the California Energy Commission (CEC) to assess the feasibility, costs, and benefits of wave and tidal energy and to identify suitable sea space for these projects in state and federal waters.

OPT, a provider of maritime solutions and services and a pioneer in ocean energy technology collaborated with Eco Wave Power in January 2022, aiming to use their complementary technologies and skills to accelerate wave energy projects. 

The parties worked together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets.