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
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