Welcome to our dedicated page for Ocean Power Tech news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Tech stock.
Ocean Power Technologies develops intelligent maritime power, data and autonomy solutions for defense and security, offshore energy, science and research, and offshore wind customers. Its recurring news centers on PowerBuoy® offshore power and communications systems, WAM-V® autonomous surface vessels, Merrows™ maritime domain awareness integration, marine robotics services, and low-carbon infrastructure for remote ocean operations.
Company updates commonly cover customer orders, government and commercial deployments, autonomous docking and charging capabilities, maritime domain awareness programs, international shipments, quarterly results, backlog and sales pipeline commentary, and participation in investor events. OPTT news also reflects work on persistent offshore monitoring, communications relay, autonomous navigation, and support for maritime security and infrastructure protection missions.
Ocean Power Technologies has appointed Philipp Stratmann as the new President and CEO, transitioning from his role as Vice President of Global Business Development. Alongside him, Matthew Shafer has been promoted to Senior Vice President, CFO, and Treasurer. The company aims to leverage Stratmann's experience in renewable energy and maritime industries to enhance its growth in offshore power and data solutions. The management change follows the departure of George H. Kirby, who led the company since 2015.
Ocean Power Technologies (OPTT) announced its transfer from the Nasdaq Capital Market to the NYSE American, effective June 18, 2021. The move aims to enhance the company's visibility and expand its investor base. President and CEO George H. Kirby stated that this transition reflects OPT's growth in innovative ocean energy solutions. The last trading day on Nasdaq is set for June 17, 2021, while trading as an NYSE-listed entity will begin the following day. The company’s stock will continue to use the ticker symbol 'OPTT'.
Ocean Power Technologies, Inc. (NASDAQ: OPTT) announced the receipt of $1 million in non-dilutive funding from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program. This program allows eligible New Jersey technology companies to sell net operating losses and research credits, facilitating financial growth. The funding will support OPT's commercial and development initiatives, building on a decade-long partnership with PSEG. The company aims to advance its innovative ocean energy solutions while benefiting from state support.
Ocean Power Technologies (NASDAQ: OPTT) has deployed a PB3 PowerBuoy® for Enel Green Power off the coast of Las Cruces, Chile, contributing to the country's clean energy transition. Originally sold to EGP in September 2019, the buoy will facilitate research at Chile’s Marine Energy Research and Innovation Center (MERIC). The project aims to gather real-time environmental data while utilizing wave energy, available continuously. Despite initial delays due to COVID-19, the deployment was completed effectively with remote collaboration.
Ocean Power Technologies (OPTT) reported its third-quarter fiscal 2021 financial results, highlighting significant operational changes. The company acquired 3Dent Technology, enhancing its offshore engineering capabilities. Despite an increase in liquidity to $80.4 million, OPTT's revenue fell to $0.3 million from $0.7 million year-over-year, with a net loss rise attributed to pandemic-related project delays. The firm generated $76.1 million in net proceeds through equity agreements and plans a remote deployment of its OPT PowerBuoy® subsea data collection system in Chile.
Ocean Power Technologies Elects New Independent Directors
On December 23, 2020, Ocean Power Technologies (NASDAQ: OPTT) announced the election of Clyde W. Hewlett, Diana G. Purcel, and Peter E. Slaiby as independent directors during its annual meeting. These directors bring significant expertise in offshore energy, finance, and governance. Notably, the board also approved a financing facility with Aspire Capital for over 19.99% of common stock, an expanded stock incentive plan, and the appointment of EisnerAmper as the independent auditor for Fiscal Year 2021.
Ocean Power Technologies (OPTT) reported its financial results for Q2 FY2021, ending October 31, 2020. Revenue decreased to $0.1 million from $0.2 million year-over-year, primarily due to lower revenue from Enel Green Power. The net loss decreased by $0.2 million, attributed to reduced product development costs. Total cash and equivalents rose to $26.3 million. The company signed contracts with ACET and received a DeepStar project award to utilize its PB3 PowerBuoy. A Common Stock Purchase Agreement with Aspire Capital allows for up to $12.5 million in stock sales over 30 months.
Ocean Power Technologies (OPTT) announced a contract with SeaTrepid International for the deployment of a PB3 PowerBuoy® off the coast of Chile. This marks the first third-party installation conducted remotely due to pandemic-related travel restrictions. Training and installation procedures are being conducted virtually, enhancing operational flexibility while reducing costs. The deployed system will provide real-time oceanographic data and will be monitored from OPT's New Jersey base. The deployment is part of OPT's strategy to use local contractors to facilitate ocean energy solutions more efficiently.
Ocean Power Technologies (NASDAQ: OPTT) has appointed Jorge Franco as Regional Sales Representative in Spain, effective immediately. Franco, who has over 20 years of experience in the oil and gas sector, will focus on expanding opportunities in Southern Europe. His previous role was Global Account Vice President at Halliburton, where he managed accounts for major companies. The addition of Franco is expected to enhance OPTT's outreach and strengthen its position in the offshore power market, particularly within the oil and gas industry.
Ocean Power Technologies (NASDAQ: OPTT) announced a new project award from DeepStar® to study the use of its PB3 PowerBuoy® for remote zero carbon power in subsea oil production. This techno-economic feasibility study, supported by Total E&P Research, aims to evaluate cost and carbon emission reductions for deepwater operations at depths of 1000, 2000, and 3000 meters. The collaboration seeks to explore the practicality of electric power solutions in offshore oil & gas, aligning with a low-carbon development vision.