Energy & PowerJul 27, 2026

Ocean Power Technologies Inc. (OPT)

Company Profile Analysis

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Ocean Power Technologies Inc. (OPT) - Energy & Power showcase

Year Founded & Workforce

1993-12-31

35 Employees

Industry

Energy & Power

Services

Ocean Power Technologies Inc. (OPT) Overview

Company Headquarters: Monroe Township, New Jersey, US

Founded: 1994

Workforce: ~35

Company Working: OPT is engaged in developing and manufacturing wave energy technology for converting wave energy into electricity. It has been working on developing and perfecting its proprietary ‘Power Buoy’ technology, which uses ocean waves to generate clean energy. The ‘Power Buoy’ system features integrated innovative hydrodynamics, electronics, computer control systems, and energy conversion technologies. The company operates through the two segments, which are Power Buoy technology and PB3. Both segments include products for the wave and tidal market. It primarily serves industries such as oil & gas, R&D, security & defense, and offshore communications.

OPT has sales offices in Australia, the UK, and the US. ENI SPA (Italy), U.S. Department of Defense Office of Naval Research, and Premier Oil (UK) are some of its clients. The company manufactures its products in its 56,000 square feet manufacturing facility in Monroe, New Jersey, the US. Additionally, it manufactures all its power take-off components, and procures mooring systems, buoy structures, and cables from external vendors. The company has five wholly owned subsidiaries, which are Ocean Power Technologies Ltd (UK), Reedsport OPT Wave Park LLC (US), Oregon Wave Energy Partners I, LLC(US), Ocean Power Technologies (Australasia) Pty Ltd (Australia), and Victorian Wave Partners Pty. Ltd (Australia).

Strategy

OPT has been continuously incurring financial losses since its inception and, thus, has been developing various strategies to increase its sales to fund its operations internally. Currently, it has been relying on the sale of its securities for reducing its dependence on its operations. The company has taken substantial steps for retaining key personnel, which is critical for the smooth functioning of the company. OPT is working on improving its operations in the US to successfully increase its manufacturing capabilities. It has been substantially investing in R&D to ensure its products are deployed in several different geographic locations.

Company Snapshot

$4,105M

Revenue

Employees

1993-12-31

Founded

Monroe Township, New Jersey, US

Headquarters

SWOT Analysis

Weaknesses

Low revenue generation

Opportunities

Increasing investments in innovative technologies in the offshore oil & gas industry
Increasing applications in the security and defense marketTHREATS

Threats

Maintaining intellectual property rights in foreign countries

Key Developments

Date	Approach	Development
April 2019	Contract & Agreement	OPT signed an agreement with Acteon Group Ltd (UK) to explore opportunities in the global oil & gas and renewable energy markets. Acteon Group Ltd is engaged in providing subsea services. This is expected to enhance the services provided by the company.
March 2019	Contract & Agreement	OPT signed an agreement with an unnamed oil & gas operator based in the US. It will be providing remote offshore power and communication services to the client. This has enabled the company to establish its presence in the Gulf of Mexico.
January 2019	Contract & Agreement	OPT signed an agreement with Saab Seaeye Ltd (UK) to pursue opportunities, together. It will be providing charging solutions for Saab Seaeye Ltd’s underwater solutions. This is expected to boost the development process of the company’s products during the forecast period
December 2018	Contract & Agreement	OPT in collaboration with ENI SPA (Italy) deployed its ‘Power Buoy’ system in the Adriatic Sea. ENI will be using its wave energy system for the research and development of integrated subsea systems. The high performance of the ‘Power Buoy’ during the process will result in it being used as a long-term standalone charging and communication station.
December 2018	Contract & Agreement	OPT signed an agreement with NEC Energy Solutions (US) to supply lithium-ion batteries for its subsea battery solutions. This is expected to enhance the performance of the company’s products.
August 2018	Contract & Agreement	OPT signed an agreement with Enel Green Power S.p.A. (Italy) to assess the feasibility of deploying the Power Buoy along the coast of Chile as an autonomous offshore platform for hosting oceanographic sensor systems. This will further OPT’s expertise in offshore technologies
June 2018	Contract & Agreement	OPT signed an agreement with Premier Oil (UK) to provide its ‘Power Buoy’ in the Huntington Field in the Central North Sea. The contract was made for nine months, followed by a six-month extension on the successful completion of nine months. The equipment was deployed in October 2018. This increased its market share in the UK.
June 2018	Product Development	OPT won a new patent for a method of wave power generation to optimize wave power generation in low to moderate sea states. This increased its patent portfolio to 65 patents and is expected to have a substantial impact on its market share in the next few years.
January 2018	Contract & Agreement	OPT signed a 3-month agreement with ENI SPA (Italy) to conduct a study into the use of its ‘Power Buoy’ system for offshore decommissioning operations. This is expected to increase its expertise in providing ocean technologies.
December 2017	Expansion	OPT expanded its manufacturing facility by moving to a new location in Monroe, the US. This expansion is in line with the increasing demand for the company’s products in the global market.
February 2017	Contract & Agreement	OPT signed an agreement with HAI Technologies Corp. (US) for exploring mutual opportunities in the global market by supplying consistent power and real-time communications end users. This has increased its market share in the global market.

Product Offering

Ocean Power Technologies Inc. (OPT)
- wave energy

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About the Author

Wantstats Research Team

Wantstats' research desk profiles Ocean Power Technologies Inc. (OPT) as part of our ongoing coverage of the Energy & Power sector, drawing on public company data, filings, and market intelligence.

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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Ocean Power Technologies Inc. (OPT)

Company Headquarters: Monroe Township, New Jersey, US Founded: 1994 Workforce: ~35 Company Working: OPT is engaged in developing and manufacturing wave energy technology for converting wave energy into electricity. It has been working on developing and perfecting its proprietary ‘Power Buoy’ technology, which uses ocean waves to generate clean energy. The ‘Power Buoy’ system features integrated innovative hydrodynamics, electronics, computer control systems, and energy conversion technologies. The company operates through the two segments, which are Power Buoy technology and PB3. Both segments include products for the wave and tidal market. It primarily serves industries such as oil & gas, R&D, security & defense, and offshore communications. OPT has sales offices in Australia, the UK, and the US. ENI SPA (Italy), U.S. Department of Defense Office of Naval Research, and Premier Oil (UK) are some of its clients. The company manufactures its products in its 56,000 square feet manufacturing facility in Monroe, New Jersey, the US. Additionally, it manufactures all its power take-off components, and procures mooring systems, buoy structures, and cables from external vendors. The company has five wholly owned subsidiaries, which are Ocean Power Technologies Ltd (UK), Reedsport OPT Wave Park LLC (US), Oregon Wave Energy Partners I, LLC(US), Ocean Power Technologies (Australasia) Pty Ltd (Australia), and Victorian Wave Partners Pty. Ltd (Australia).

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