Ocean Power Technologies Inc

AMEX:OPTT

Ocean Power Technologies, Inc. engages in commercializing proprietary systems that generate electricity predominantly by harnessing the renewable energy of ocean waves. The company is headquartered in Monroe Township, New Jersey. The company went IPO on 2003-10-31. The firm's PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. The firm focuses on developing its PowerBuoy product line, which is based on modular, ocean-going buoys. Its autonomous PowerBuoy generates power for use in remote locations, independent of an existing power grid. The firm focuses on developing and commercializing its PowerBuoy products and services for use in autonomous power applications. The firm markets its PowerBuoys in the United States and internationally. The autonomous PowerBuoy integrates a power take-off (PTO) and onboard system for energy storage and management. Its PowerBuoy product is the PB3. PB3 can act as an uninterruptable power supply (UPS), which recharges itself by harvesting energy from the waves.