Ocean Power Technologies Inc.

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.

Company Snapshot

$4.11M

Revenue

SWOT Analysis

Strengths

Focused R&D efforts
Diverse customer base

Weaknesses

Availability of limited technologies

Opportunities

Focus on expansion in Europe
Focus on reducing manufacturing cost

Threats

Long term supply agreement affecting the material cost
Highly competitive market

Key Developments

Date	Approach	Development
January 2018	Contracts & Agreement	Ocean Power Technologies, Inc. signed a 3-month contract agreement with Premier Oil, to check the feasibility of using the PB3 PowerBuoy for decommissioning operation in the North Sea.

Product Offering

Ocean Power Technologies Inc.
- Powerbuoy Technology
- PB3

Financial Performance

What our clients say

Trusted by forward-thinking businesses
for data-driven intelligence

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.