Wave energy solutions provider Ocean Power Technologies has acquired Marine Advanced Robotics, Inc. ("MAR"), a California-based developer and manufacturer of autonomous surface vehicles (ASVs).
"This acquisition immediately provides OPT with an established, innovative offshore product line that features roaming capability and highly complements the OPT business strategy," OPT said.
Founded in 2004, MAR is the developer of Wave Adaptive Modular Vessel (WAM-V) technology, which enables roaming capabilities for uncrewed equipment in waters around the world.
MAR launched the first WAM-V in 2007. According to OPT, the WAM-V has a flexible structure that adapts and conforms to the water's surface for an exceptionally smooth and level platform. In addition, inflatable pontoons help absorb motion and force, while hinged engine pods keep propellers in the water and further improve vehicle stability and controllability.
MAR has used WAM-V technology to build surface vessels ranging from eight feet (2.4 meters) to 100 feet (30 meters) for deployments worldwide.
Under the deal, OPT will pay $11.0 million paid at closing, consisting of $4.0 million in cash and $7.0 million in OPT common stock (3,330,162 shares). MAR will have an additional earn-out opportunity based on revenue performance over the next two years.
The MAR management team and employees have joined OPT, and Marine Advanced Robotics will continue to operate under its current brand name as a wholly-owned subsidiary of OPT.
Philipp Stratmann, OPT President, and CEO:"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. 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."
Mark Gundersen, MAR President, and CEO - "We believe that our ultra-light vessel technology aligns extremely well with OPT's offshore power and data solutions and engineering services. With over 70 WAM-Vs in 10 countries, we are changing the way humans go to sea. Together I am confident that we can accelerate the growth of our WAM-V platform in defense and commercial markets."