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Ocean Power Technologies, Inc. (OPTT) Making Waves in Alternative Energy Industry
Ocean Power Technologies, Inc. (NASDAQ: OPTT) is a pioneer in renewable energy technology that converts ocean wave energy into electricity. The company’s proprietary PowerBuoy® system integrates patented technologies in hydrodynamics, electronics, energy conversion and computer control systems to efficiently extract reliable, clean and environmentally-friendly electricity for offshore applications. Through the commercialization of this technology, OPTT is able to effectively serve the offshore power requirements of a collection of potentially lucrative industries – including the defense and security, oil and gas, offshore wind and ocean observing markets.
Last month, OPTT demonstrated the marketability of its power generation solutions when it announced that it had received final permit approval from the New York District Army Corps of Engineers for its PB40 PowerBuoy technology. Following this approval, the company will move forward with the planned deployment of its system approximately 30 nautical miles southeast of New York City Harbor, in accordance with U.S. Bureau of Ocean Energy Management requirements.
“We are excited to have achieved a fully permitted status which brings us significantly closer to deployment,” George Kirby, president and chief executive officer of OPTT, stated in a news release. “The upcoming deployment of the PB40 will provide invaluable performance data and will continue to deepen OPTT’s expertise in the use of renewable marine hydrokinetic devices of various sizes in providing autonomous power for customers.”
In its fiscal year ending April 30, OPTT was able to make significant strides toward increasing its overall market share. In particular, the company achieved an increase in overall revenues of more than 170 percent, as compared to the previous fiscal year. As it continues to seek out new customers and partners as part of an enhanced commercialization strategy, OPTT will look to build on this financial progress in the coming months.
“We remain laser-focused on meeting our business commitments, including this year’s successful deployments of the PB40… in order to validate durability and reliability while aggressively seeking new customers and partners as part of our commercialization efforts,” continued Kirby.
Since 1997, OPTT has worked to refine and optimize its proprietary energy-generation systems, and the company’s unrelenting dedication has helped it develop one of the market’s most advanced offshore power generation solutions. By reducing operational costs associated with traditional energy sources and providing greater availability of reliable power, OPTT’s PowerBuoy technology is providing the company with a platform upon which to realize considerable growth moving forward. For prospective shareholders, OPTT’s recent progress in the development and deployment of its proprietary wave energy generation systems makes it an intriguing investment opportunity.
For more information, visit www.oceanpowertechnologies.com
