Ocean Power Technologies (NASDAQ:OPTT) (NASDAQ: OPTT) is a pioneering marine renewable energy company that designs, develops and commercializes systems that generate electricity by harnessing the untapped power of ocean waves. As a publicly traded company, OPTT focuses primarily on the PowerBuoy® family of products, which convert wave energy into clean, reliable power for a variety of off-grid, near-shore and subsea applications. The company’s innovations aim to reduce reliance on diesel generators and enable sustainable operations for industries such as ocean observation, defense and telecommunications.
The core offering from OPTT is the PowerBuoy, a modular wave energy converter equipped with a combination of mechanical, electrical and control systems. These buoys can be configured to deliver power directly to on-shore grids or to feed battery storage systems for remote sensor networks, underwater vehicles and other autonomous assets. In addition to electricity generation, OPTT provides turnkey services including project design, system integration, installation and ongoing monitoring to ensure optimal performance in harsh marine environments.
OPTT has demonstrated deployments in key markets around the world, including the U.S. Atlantic seaboard, the European Marine Energy Centre in Scotland and pilot sites in Spain and Australia. Collaborations with government agencies and research institutions—such as the U.S. Department of Energy, Department of Homeland Security and various maritime research centers—have supported the advancement of wave energy technology and its integration with data acquisition platforms for oceanographic and environmental monitoring.
Founded in 1984 as a spin-out from a university research program, Ocean Power Technologies is headquartered in Pennington, New Jersey, with additional offices supporting international operations. Under the leadership of President and CEO George Taylor, the company has pursued strategic partnerships and technology development initiatives aimed at demonstrating the commercial viability of wave energy. Through continued innovation, OPTT seeks to contribute to global decarbonization efforts and expand the reach of sustainable power solutions across the maritime sector.
