Last $1.22 USD
Change Today -0.05 / -3.94%
Volume 197.5K
As of 5:20 PM 09/16/14 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 to convert the mechanical energy created by the rising and falling of ocean waves into electricity. It offers and develops two PowerBuoy product lines, which consist of its utility PowerBuoy system and its autonomous PowerBuoy system. The company also offers its customers operations and maintenance services for its PowerBuoy systems. In addition, the company develops and markets its undersea substation pod product and undersea power connection infrastructure services to other companies in the marine energy sector. The company’s PowerBuoy system is based on modular and ocean-going buoys. The company’s utility PowerBuoy system is capable of supplying electricity to a local or regional electric power grid. Its wave power stations would be consists of a single PowerBuoy system or an integrated array of PowerBuoy systems, plus the remaining components required to deliver electricity to a power grid. The company intends to sells its utility PowerBuoy system to utilities and other electrical power producers seeking to add electricity generated by wave energy to their existing electricity supply. The company’s PowerBuoy system consists of a floating buoy-like device that is 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 power take-off device converts the mechanical stroking created by the movement of the unit caused by ocean waves into rotational mechanical energy, which, in turn, drives the electrical generator. The operation of the PowerBuoy system is controlled by its customized, proprietary control system. The control system uses sensors and an onboard computer to continuously monitor the PowerBuoy subsystems, as well as the height, frequency and shape 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 in real-time. The company’s Mark 3 PowerBuoy system has a maximum diameter of 36 feet near the surface, and is 135 feet long, with approximately 30 feet of the PowerBuoy system protruding above the surface of the ocean. The utility PowerBuoy system is designed to transmit electricity to shore by an underwater power cable, which would then be connected to a power grid. The company’s utility PowerBuoy system being marketed to customers, the Mark 3, drives a peak rated generator of 866 kilowatt. The utility PowerBuoy system is designed to be positioned in water with a depth of 100 to 200 feet, which can usually be found 1 to 5 miles offshore. Its system is designed to be scalable, as multiple PowerBuoy units can be integrated to create a wave power station with a larger output capacity. The company is also exploring the use of its utility PowerBuoy system for applications that include generating electricity for desalination of water, water treatment and natural resource processing. The company’s autonomous PowerBuoy system is designed to generate power for use independent of the power grid in remote locations. It operated an autonomous PowerBuoy APB-350 off the coast of New Jersey, which it designed and manufactured under the US Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program for coastal security and maritime surveillance. The APB-350 Autonomous PowerBuoy is designed to provide persistent, off-grid clean energy in remote ocean locations. The company initiated product development efforts in connection with its Mark 4 PowerBuoy. The Mark 4 PowerBuoy is planned to drive a peak rated generator of 2.4 MW. Under a multi-year planned program, structural development of the Mark 4’s major subsystems is in progress, and wave tank tests of models have been performed. It develops and expects to market its undersea substation pod and

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