Ocean Power Technologies
(NASDAQ: OPTT)
1.68
unch
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COMPANY INFORMATION
| Exchange: | NASDAQ national market |
| Stock: | Ocean Power Technologies |
| Industry: | Diversified Industrials |
| Employees: | 47 |
DESCRIPTION
| Ocean Power Technologies was incorporated under the laws of the State of New Jersey in April 1984 and began commercial operations in 1994. On April 23, 2007, it reincorporated in Delaware. The company develops and seeks to commercialize proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. Its PowerBuoy® systems use proprietary technologies to convert the mechanical energy created by the rising and falling of ocean waves into electricity. The company currently offers two PowerBuoy products, which consist of its utility PowerBuoy system and its autonomous PowerBuoy system. It also offers its customers operations and maintenance services for its PowerBuoy systems. In addition, it markets its undersea substation pod product and undersea power connection infrastructure services to other companies in the marine energy sector. Its PowerBuoy system is based on modular, ocean-going buoys, which it has been ocean testing for nearly fifteen years. The rising and falling of the waves moves the buoy-like structure creating mechanical energy that its proprietary technologies convert into electricity. It has tested and developed wave power generation and control technology using proven equipment and processes in novel applications and has deployed and maintained its systems in the ocean. The company competes and will compete with power generation equipment suppliers in all segments of the electric power industry, including wave energy, other forms of renewable energy and traditional fossil fuel. |
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