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Company Description

Contact Info

1590 Reed Road

Pennington, NJ 08534

United States

Phone: 609-730-0400

Fax:

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 heaving motion of ocean waves into electricity. It has and continues to develop its PowerBuoy product line. The company has designed its PowerBuoy to generate power for use in remote locations, independent of an existing power grid. Its product offering, PowerBuoy, incorporates a power take-off (PTO) and onboard system for energy storage and management. The company continues to develop and test its PowerBuoys. In 2012, the company executed a cooperative research and development agreement with the U.S. Department of Homeland Security to collaborate and demonstrate persistent maritime vessel detection. The vessel detection ocean demonstration in 2013 utilized the same PowerBuoy under the Littoral Expeditionary Autonomous PowerBuoy contract with additional sensors. This additional deployment provided critical data which informed the company’s next design iteration, and which incorporated major modifications to address critical operations and reliability improvements. This project concluded in 2013. The company’s principal product is its PowerBuoy, which is designed to generate power for use independent of the power grid in remote offshore locations. It consists of a main hull structure surrounded by a floating buoy-like device. The hull is loosely moored to the seabed so that floating buoy can freely move up and down in response to the rising and falling of the waves. The PTO device that includes an electrical generator, a power electronics system, its control system, and its energy storage system are sealed within the hull. The operation of the PowerBuoy is controlled by the company’s customized, proprietary control system. 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, 2016, the company’s customers included the European Union (WavePort project); US Department of Energy; and Mitsui Engineering & Shipbuilding. The company markets its PowerBuoys to companies and entities requiring remote power applications, such as oil and gas companies for potential applications, such as remote sensing, trace heating, or autonomous underwater vehicle charging stations. Strategy The company’s business strategy is to commercialize its autonomous PowerBuoy systems. In order to achieve this goal, the company is pursuing various business objectives, which include sell and/or lease PowerBuoys; concentrate sales and marketing efforts in specific geographic markets; expand its relationships in key market areas; outsource most of the equipment fabrication and deployment; continue to increase PowerBuoy output; and maximize customer funding of technology development. Intellectual Property As of April 2016, the company has been issued 62 U.S. patents, of which 48 are active and 14 have expired. The company has filed for two additional U.S. patents. A total of 22 of the active U.S. patents have been issued foreign patent protection. An additional four active patents have been filed for foreign patent protection. The expiration dates for the company’s issued U.S. patents range from 2018 to 2032. The company uses trademarks on nearly all of its products. The company has registered its PowerBuoy, PBView, 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.

 

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