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Last $0.60 USD
Change Today +0.011 / 1.86%
Volume 48.0K
OPTT On Other Exchanges
Symbol
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NASDAQ GM
Frankfurt
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1590 Reed Road

Pennington, NJ 08534

United States

Phone: 609-730-0400

Fax: 609-730-0404

Ocean Power Technologies, Inc. develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The company’s PowerBuoy systems use proprietary technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. It develops two prototype PowerBuoy product lines: its utility scale PowerBuoy and its autonomous PowerBuoy. The company’s PowerBuoy system is based on modular, and ocean-going buoys. It has tested and developed wave power generation and control technology in novel applications and has deployed and maintained its systems in the ocean for testing. The company is developing PowerBuoy technology that has the patented capability to electronically tune its performance as wave characteristics change. Its two PowerBuoy prototype products are designed for various applications. The company’s utility scale prototype PowerBuoy product is designed to supply electricity to a local or regional electric power grid and/or power user. The PowerBuoy grid interface bears the Electrical Testing Laboratories (ETL) listing mark, and can be connected to the utility grid. The company’s autonomous prototype PowerBuoy system is designed to generate power for use independent of an existing power grid in remote locations. The company offers two types of prototype PowerBuoy product lines: its utility scale PowerBuoy system, which is designed to supply electricity to a local or regional electric power grid and/or directly to a remote large source of demand, and its autonomous PowerBuoy system, which is designed to generate power for use independent of the power grid in remote locations. Both products use the same PowerBuoy technology. The company’s PowerBuoy system consists of a floating buoy-like device that is loosely moored to the seabed so that it can freely move up and down in response to the rising and falling of the waves, as well as a power take-off device, an electrical generator, a power electronics system and its control system, all of which are sealed in the unit. The operation of the PowerBuoy system is controlled by the company’s customized, proprietary control system. The control system uses sensors and an onboard computer to continuously monitor the PowerBuoy subsystems, as well as the main characteristics of the waves interacting with the PowerBuoy system. The control system collects data from the sensors and uses proprietary algorithms to electronically adjust the performance of the PowerBuoy system. The company’s relationships include Lockheed Martin; Mitsui Engineering & Shipbuilding; The United States Navy and Department of Homeland Security; European Union (WavePort project); UK Government's Technology Strategy Board; The Scottish government; and The US Department of Energy. The company’s potential customer base for its utility PowerBuoy systems consists of public utilities, independent power producers and other governmental entities and agencies. Its potential customer base for its autonomous PowerBuoy systems consists of different public and private entities that use electricity in and near the ocean. Utility Scale PowerBuoy System The utility scale PowerBuoy system is designed to transmit electricity to shore by an underwater power cable, which would then be connected to a power grid and/or directly to a remote large source of demand. The utility scale PowerBuoy system is designed to be positioned in water with a depth of 100 to 300 feet, which can usually be found 1 to 5 miles offshore. By design, the company’s system is scalable, as multiple PowerBuoy units can be integrated with one undersea substation to create a wave power station with a larger output capacity. Other potential applications for the company’s utility scale PowerBuoy system include generating electricity for large sources of demand, such as off-shore oil platforms, water treatment and natural resource processing. Autonomous PowerBuoy System The autonomous PowerBuoy system is based on similar technology to the utility scale PowerBuoy system, but is designed for potential persistent electricity generation

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