Ocean Power Technologies Acquires Marine Advanced Robotics
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 as a new vessel class with a mission to manufacture and deliver to customers the most reliable and robust ASVs available on the market. 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. MAR currently offers three models of this exceptionally maneuverable and stable vessel with numerous applications across different industry sectors – the ultra-portable 8-foot WAM-V 8, the 16-foot WAM-V 16, and the more powerful 23-foot WAM-V 22.
Terms of the Deal
$11.0 millionpaid at closing, consisting of $4.0 millionin cash and $7.0 millionin OPT common stock (3,330,162 shares).
- Additional earn-out opportunity for MAR based on revenue performance over the next two years
- The MAR management team and employees have joined OPT.
Marine Advanced Robotics, Inc.continues to operate under its current brand name as a wholly owned subsidiary of OPT.
About Marine Advanced Robotics
Marine Advanced Robotics (MAR) is a wholly owned subsidiary of
OPT is a provider of ocean energy and intelligent data services. OPT provides these services through its innovative low-carbon distributed and autonomous ocean power and data solutions, combined with its offshore engineering and design services. 'OPT's PowerBuoy® platforms offer persistent, reliable, and economical power and communications for remote surface and subsea applications for markets such as offshore energy, defense and security, science and research, and communications. OPT is headquartered in
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Source: Ocean Power Technologies, Inc.