Ocean Power Technologies

Ocean Power Technologies (OPT) is a NASDAQ-listed public company that develops and sells proprietary systems to generate electricity using ocean wave energy. In its first two decades of operations (1994-2014), OPT focused on utility-scale projects to provide grid-connected wave power. However, since 2015, OPT pivoted to off-grid wave energy applications. 

OPT’s proprietary PowerBuoy technology generates power using wave energy in remote offshore locations for activities and industries that require remote offshore power such as offshore oil and gas, defense and security, science and research, and communications. OPT offers two flagship offshore energy products: 1) PB3 PowerBuoy, a partially submerged device that generates power from ocean waves, and 2) hybrid PowerBuoy, a hybrid wave-solar solution that generates power from solar panels attached to a floating device.  

In April 2023, the company reported the successful first ocean test of its increased power wave energy converter buoy, the Mass-On-Spring-Wave-Energy-Converter (MOSWEC) prototype. In February 2024 , OPT received funding from the Naval Postgraduate School (NPS) in Monterey, California, for a year-long deployment of a PowerBuoy in Monterey Bay.

New customers and partnerships 

In December 2020, OPT contracted SeaTrepid International, to deploy a turnkey PB3 PowerBuoy and oceanographic monitoring system off the coast of Chile. In January 2022, OPT partnered with Eco Wave Power Global to leverage complementary technologies and skills to accelerate wave energy projects. In December 2023, OPT secured a USD 6.5 million contract with the US governemnt for multiple maritime domain awareness buoys. In March 2024, OPT partnered with Greensea IQ to develop the next generation of OPT’s Maritime Domain Awareness Solution (MDAS).

Funding and financials

In January 2024 , OPT was granted USD 1.2 million from the New Jersey Economic Development Authority to exchange a percentage of its net operating losses and unused research and development (R&D) tax credits in New Jersey for cash. In September 2020, OPT announced that the company has executed a Common Stock Purchase Agreement with Aspire Capital to sell up to USD 12.5 million in common stock over a 30-month period. The cash went toward expanding production, developing new products and services, and other general corporate purposes.