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Ocean Power Technologies Inc. (OPT)

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

Year Founded & Workforce

1994

35 Employees

Industry

Energy & Power

Services

wave energy
O

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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

35

Employees

1994

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

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Key Developments

DateApproachDevelopment
April 2019Contract & AgreementOPT 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 2019Contract & AgreementOPT 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 2019Contract & AgreementOPT 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 2018Contract & AgreementOPT 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 2018Contract & AgreementOPT 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 2018Contract & AgreementOPT 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 2018Contract & AgreementOPT 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 2018Product DevelopmentOPT 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 2018Contract & AgreementOPT 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 2017ExpansionOPT 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 2017Contract & AgreementOPT 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

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

By Business Segment: 2015 was USD 4,105 Mn in 2018.
Ocean Power Technologies Inc. (OPT) — By Business Segment
Series (USD Mn)2018
20154,105
2016705
2017843
2018511

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