This paper is focused on the description of the physical layer of a new acoustic modem called ITACA. The modem architecture includes as a major novelty an ultra-low power asynchronous wake-up system implementation for underwater acoustic transmission that is based on a low-cost off-the-shelf RFID peripheral integrated circuit. This feature enables a reduced power dissipation of 10 μW in stand-by mode and registers very low power values during reception and transmission. The modem also incorporates clear channel assessment (CCA) to support CSMA-based medium access control (MAC) layer protocols. The design is part of a compact platform for a long-life short/medium range underwater wireless sensor network.