Ocean Power Technologies
|Ocean Power Technologies|
|Industry||Renewables & Environment|
|Headquarters||Pennington, NJ, United States|
|Key people||Charles F. Dunleavy (CEO), Mark A. Featherstone (CFO), Deborah A. Montagna, David L. Keller|
|Investors||Australian Renewable Energy Agency|
|Number of employees||30 |
Ocean Power Technologies, Inc. develops and commercializes systems that generate electricity by harnessing the renewable energy of ocean waves. They have designed an autonomous PowerBuoy to generate power for use in remote locations, independent of an existing power grid. The current PowerBuoy product, the PB3, incorporates a unique power take-off (“PTO”) and onboard system for energy storage and management, and is significantly smaller than our previous iteration utility-scale PowerBuoy. 
OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave based power generation and management technology.
The Company offers two PowerBuoy products, which consist of its utility PowerBuoy system and its autonomous PowerBuoy system. The PowerBuoy system integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. The result is a leading edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications. 
OPT’s PB3 can act as an Uninterruptable Power Supply (UPS) which constantly recharges itself by harvesting energy from the waves. It is ocean-deployed, moored and floats over the point of use and can operate in any ocean depth over 20 meters and up to 1,000 meters (1 km).
- 1994 - Ocean Power Technologies was formed.
- 2007 - Ocean Power Technologies went public.
- 2008 - Ocean Power Tech Seals $3M Navy Deal and Heads to Australia
- 2009 - Ocean Power to Team Up on Wave Power and raises $60M for Wave Project
- 2014 - Ocean Power Technologies Announces Victorian Wave Partners Has Received A$5 Million Initial Grant Funding From Australian Renewable Energy Agency
- 2016 - Ocean Power Technologies Announces the Deployment of Its First Commercially Designed PB3 PowerBuoy and Launches Common Stock Offering
Top 5 Recent Tweets
|January 26, 2023||RepBonamici||As we transition to clean energy, we must look to innovative solutions and bold new technologies like marine energy… https://t.co/NBqh2a98ev|
|January 26, 2023||fundamentalsbot||Ocean Power Technologies, Inc's quarterly revenue growth rate YoY of 22.70% ranked 1345 out of 5733 companies in ou… https://t.co/xWbjk6LRBA|
|January 25, 2023||GreenEnergy||Renewable Energy Systems Market Size and Growth Analysis 2032 ... - Digital Journal https://t.co/rKtjLkQ7uj|
Top 5 Recent News Headlines
- Ocean Power Technologies Holds Annual Meeting of Stockholders - A proposal to amend the Certificate of Incorporation to delete the “only for cause” director removal standard for stockholders was not approved. 
- Ocean Power Technologies, Inc. Launches Common Stock Offering - The underwriters will have an option to purchase up to an additional 375,000 shares of common stock from the Company. All of the shares to be sold in this offering will be sold by the Company. 
- Ocean Power Technologies, Inc. Announces Pricing of Common Stock Offering - The pricing of an underwritten public offering of 2,400,000 shares of its common stock at a price to the public of $ 2.75 per share. 
- This Wave-Power Company's Stock Jumped 75% - One of the biggest standouts from a record-breaking week for the markets was Ocean Power Technologies OPTT 5.49% , whose Nasdaq-listed stock popped 75% 
- Ocean Power Technologies Announces the Deployment of Its First Commercially Designed PB3 PowerBuoy - The deployment of its commercial design of the PB3 PowerBuoy happened approximately four miles off of the coast of New Jersey.