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 has and continues to develop its PowerBuoy product line. It has tested and developed wave power generation and control technology in applications and has deployed and maintained its systems in the ocean for testing. The company’s PowerBuoy technology is being developed with the patented capability to electronically tune its performance as wave characteristics change. The company’s autonomous PowerBuoy is being designed to generate power for use independent of an existing power grid in remote locations. In 2011, the company deployed and operated off the coast of New Jersey an autonomous prototype PowerBuoy (the APB-350), which it designed and manufactured for the US Navy’s Littoral Expeditionary Autonomous PowerBuoy contract for coastal security and maritime surveillance. The APB-350 PowerBuoy structure, incorporating a power take-off (PTO) and onboard system for energy storage and management, is significantly smaller than its original prototype utility scale PowerBuoy. Within the Homeland Security market sector, in 2012, the company executed a Cooperative Research and Development Agreement with the U.S. Department of Homeland Security, which utilized the same prototype APB-350 Autonomous PowerBuoy. An additional 2013 deployment provided critical data to inform the next design iteration, which would incorporate major modifications to address critical operations and reliability improvements. The company has and is continuing to develop PowerBuoys, which can be utilized in autonomous, as well as in other applications. Its product development and engineering efforts are focused primarily on technologies that aim to increase energy output, reliability and scalability of the design of its PowerBuoy. During fiscal 2015, the company continued work on projects with the US Department of Energy, its WavePort project in Spain, and its project with Mitsui Engineering & Shipbuilding. The company’s relationship with include Lockheed Martin. The company’s PowerBuoy 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 PTO device, an electrical generator, a power electronics system and its control system, all of which are sealed within the unit. As ocean waves pass the PowerBuoy, the mechanical stroke action created by waves is converted into rotational mechanical energy by the PTO, which in turn, drives the electrical generator. The power electronics system then conditions the electrical output which is collected within an energy storage system. The operation of the PowerBuoy 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 characteristics of the waves which interact with the PowerBuoy. The control system collects data from the sensors and uses proprietary algorithms to electronically adjust the performance of the PowerBuoy. Customers and Marketing For the fiscal year ended April 30, 2015, the company’s customers included Mitsui Engineering & Shipbuilding; US Department of Energy; and the European Union (WavePort project). The company continues to enter into development agreements with strategic partners, such as DOD and commercial and military sensor manufacturers, in particular markets, where it may grant licenses to local businesses to sell, manufacture, or operate PowerBuoy hardware components. The company also markets its PowerBuoys to companies and entities requiring higher power applications. These include oil and gas companies for remote communications and sensing, trace heating, and wellhead monitoring. Strategy An important element of the company’s business strategy is to develop and expand its partnerships in the six key market areas. The company’s strategy is to continue to increase PowerBuoy output; sell and/or lease PowerBuoys; outsource most of the plant construction and deployment; concentrate sales and marketing efforts on four geographic markets; maximize customer funding of technology development; and expand its partnerships in key market areas. Research and Development For the fiscal year ended April 30, 2015, the company’s research and development expenses included $4.1 million. Intellectual Property As of April 30, 2015, the company owned a total of 60 issued United States patents and have 4 United States patent applications. The company has issued foreign counterparts of 15, pending foreign counterparts to 7 of its issued patents and 5 of its pending non-provisional patent applications. The expiration dates for the company’s issued United States patents range from 2015 to 2028. The company uses trademarks on nearly all of its products. The company has registered its PowerBuoy, Talk on Water, CellBuoy and PowerTower marks and its Making Waves in Power service mark in the United States. History Ocean Power Technologies, Inc. was incorporated under the laws of the state of New Jersey in 1984 and began commercial operations in 1994. In 2007, the company reincorporated in Delaware.
ocean power technologies inc
(OPTT:Consolidated Issue listed on NASDAQ Capital Market)
1590 Reed Road
Pennington, NJ 08534
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