Ocean Power Technologies Inc. Overview
Ocean Power Technologies Inc. provides renewable wave-energy technology that converts ocean wave energy into electricity. It offers two products in renewable energy, namely, Powerbouy Technology and PB3. The PB3 powerbouy is a fully commercialized product that generates energy by harnessing renewable energy from ocean waves. The company offers its powerbouy technology to serve the offshore power requirement in defense, oil & gas, ocean observing & monitoring, and communication to support maritime activities.
A few of the major subsidiaries of Ocean Power Technologies Inc. are Reedsport OPT Wave Park LLC, and Ocean Power Technologies (Australasia) Pty Ltd. The company has offices located across North America, Europe, Asia, and Australia. As of December 2017, Ocean Power Technologies had presence in Monroe Township, and New Jersey.
Strategy
The company strategizes to increase the sales of its PB3 Powerbouy, so as to have a competitive edge in the market. It has also collaborated with other companies to apply the Powerbouy technology in their product line for gaining the maximum customers in the renewable energy market. Furthermore, Ocean Power Technologies Inc. outsources the supply of raw materials such as fabrication, anchoring, cabling supply, and deployment of PowerBuoy to minimize the capital requirement so that they can deliver maximum number of products within the delivered time, ensuring enhanced efficiency.
