Ocean Power Technologies, Inc. (OPTT): history, ownership, mission, how it works & makes money

A Brief History of Ocean Power Technologies, Inc. (OPTT)

Foundation and Early Years

Ocean Power Technologies, Inc. (OPTT) was founded in 1994 in Pennington, New Jersey. The company was established with the vision to harness the ocean's energy to generate electricity using its proprietary PowerBuoy technology.

Technology Development

In 1999, OPTT developed its first operational prototype, the PowerBuoy, designed to convert wave energy into electricity. This technology progressively advanced, with several prototypes tested in various ocean environments.

Initial Public Offering (IPO)

In 2001, Ocean Power Technologies went public, raising approximately $40 million in its IPO. The company was listed on the NASDAQ under the ticker symbol OPTT.

Key Projects and Partnerships

In 2004, OPTT secured a significant partnership with the US Department of Energy. This collaboration aimed to develop and deploy wave energy projects along the U.S. coastlines.

By 2007, OPTT installed its first PowerBuoy for a commercial contract, starting the trend of implementing renewable ocean energy solutions.

Financial Performance

As of the fiscal year 2022, OPTT reported revenues of approximately $6.5 million, a notable increase from prior years due to growth in contracts and partnerships.

In Q1 2023, the company recorded an increase in cash and cash equivalents to about $12.3 million, enabling future research and development.

Recent Developments

In 2023, OPTT announced a strategic collaboration with a leading renewable energy company to explore large-scale deployment of PowerBuoy technology in various global markets.

The company has been actively engaged in R&D, with an expenditure of around $3 million in the last fiscal year focused on enhancing the efficiency and scalability of its technology.

Market Presence and Competitors

As of October 2023, Ocean Power Technologies, Inc. operates globally, focusing primarily on the United States, Europe, and Australia. Its main competitors include companies like Minesto, Ocean Renewable Power Company, and Seabased AB.

Future Outlook

Looking ahead, OPTT aims to expand its market reach significantly and enhance its technology's deployment capabilities. The company is targeting a 30% increase in revenue for the fiscal year 2023 as a result of its strategic initiatives.

A Who Owns Ocean Power Technologies, Inc. (OPTT)

Corporate Structure

Ocean Power Technologies, Inc. (OPTT) is a publicly traded company listed on the NYSE American under the ticker symbol "OPTT". As of the latest available records, the company's total number of outstanding shares is approximately 18.3 million shares.

Major Shareholders

The ownership structure of OPTT includes both institutional and retail investors. Below is a table detailing the major shareholders as of the latest proxy statement and financial filings.

Recent Financial Performance

As of the latest financial report for the fiscal year ending July 31, 2023, Ocean Power Technologies, Inc. reported the following financial results:

Stock Performance

Ocean Power Technologies, Inc. shares have experienced volatility over the past year. As of October 2023, the stock price stands at approximately $1.20 per share. The company's market capitalization is around $21.96 million.

Investment Outlook

The interest in renewable energy technologies has influenced investor sentiment towards companies like Ocean Power Technologies. Analysts project a compound annual growth rate (CAGR) in the marine energy sector of approximately 15.3% from 2023 to 2030.

Ocean Power Technologies, Inc. (OPTT) Mission Statement

Company Overview

Ocean Power Technologies, Inc. (OPTT) focuses on the development and commercialization of innovative marine energy solutions. Its mission is to harness ocean energy to generate electric power and provide solutions for offshore applications.

Mission Statement

OPTT's mission is to deliver cost-effective solutions that generate clean, renewable power while reducing the reliance on fossil fuels. The company aims to become a leader in ocean energy technology, contributing positively to energy sustainability and environmental stewardship.

Core Values

• Innovation: Continuous improvement in technology and services.
• Sustainability: Commitment to environmental protection through clean energy.
• Collaboration: Building strong partnerships with stakeholders.
• Integrity: Conducting business ethically and transparently.

Financial Overview

For the fiscal year ended April 30, 2023, OPTT reported the following financial metrics:

Market Position

As of October 2023, Ocean Power Technologies is positioned in the renewable energy sector with a particular emphasis on wave energy conversion systems. The company is focused on expansion in markets such as:

• Marine renewable energy systems
• Offshore oil and gas support
• Environmental monitoring solutions

Recent Developments and Projects

Key projects and developments have included:

• PB3 Project: A buoy-based platform deployed off the coast of New Jersey, generating significant amounts of power.
• Partnerships: Collaborations with academic and industry partners to enhance technology development.
• Grants and Funding: Secured $1.1 million in funding from various government sources.

Goals and Future Directions

Moving forward, OPTT aims to:

• Expand Product Offerings: Develop next-generation energy solutions.
• Increase Market Presence: Target new geographical markets, particularly in Europe and Asia.
• Enhance R&D: Invest in research and development for new technologies in wave energy.

Conclusion on Mission Statement

Ocean Power Technologies, Inc. embodies the principles of sustainability and innovation through its mission to harness ocean power. With a clear focus on financial stability, market expansion, and technological advancement, OPTT is positioned as a key player in the renewable energy landscape.

How Ocean Power Technologies, Inc. (OPTT) Works

Overview of Ocean Power Technologies, Inc.

Ocean Power Technologies, Inc. (OPTT) specializes in developing and commercializing innovative systems that convert ocean wave energy into electricity. The company’s proprietary PowerBuoy technology harnesses the energy of ocean waves to generate power for various applications.

Technology and Operations

The core technology used by OPTT is its PowerBuoy, which is designed to capture the kinetic energy from waves. Each PowerBuoy has the capability to generate from 40 kW to 500 kW of power, depending on the design and application. The PowerBuoy system is typically designed to operate in water depths ranging from 50 meters to over 2,000 meters.

Recent Financial Performance

For the fiscal year ending in July 2023, OPTT reported revenue of $1.2 million, a decrease from $1.5 million in the previous year. The company's net loss for the same period was $5.3 million, compared to a net loss of $4.5 million in 2022.

Research and Development

In 2023, Ocean Power Technologies allocated approximately $1.1 million to research and development initiatives aimed at enhancing the efficiency of PowerBuoy systems and exploring new market opportunities.

Market Applications

The applications of OPTT’s technology include:

• Offshore renewable energy generation
• Remote power for light and communication systems
• Power for environmental monitoring and data collection
• Integration with existing offshore oil and gas platforms

Partnerships and Collaborations

OPTT has engaged in various partnerships, including:

• Collaboration with the U.S. Navy for wave energy projects
• Partnership with the University of Hawaii for ocean energy research
• Joint ventures with renewable energy developers globally

Regulatory Environment

As of 2023, OPTT operates under various regulatory frameworks, including compliance with the U.S. Federal Energy Regulatory Commission (FERC) and international maritime regulations, impacting its project development timelines.

Competitive Landscape

The wave energy sector is competitive, with notable players such as:

• Carnegie Clean Energy
• Eco Wave Power
• Seabased

Financial Summary

Future Outlook

Looking forward, OPTT aims to advance its technology and expand its presence in the renewable energy market. The company is actively seeking to enhance its product offerings and explore new customer segments, particularly in offshore applications.

How Ocean Power Technologies, Inc. (OPTT) Makes Money

Revenue Streams

Ocean Power Technologies, Inc. (OPTT) primarily generates revenue through the following channels:

• Government Contracts
• Research and Development Services
• Sales of PowerBuoy Systems
• Licensing Technologies

Government Contracts

OPTT has secured numerous contracts with various governmental entities for developing and deploying wave energy systems. As of 2023, the company reported about $3 million in revenue from government contracts. Significant clients include:

Research and Development Services

OPTT also engages in R&D services for developing innovative energy solutions. Total revenue from these services in 2023 was approximately $2 million, enabling advancements in energy technology.

Sales of PowerBuoy Systems

The company's flagship product, the PowerBuoy, generates significant revenue from sales. In 2023, OPTT sold two PowerBuoy systems, contributing $4 million to their revenue stream:

Licensing Technologies

Another revenue stream includes licensing agreements for their patented technologies. In 2023, licensing revenue amounted to $1.5 million. Key partnerships include:

Financial Overview

As of the latest financial report for the year ending July 31, 2023, Ocean Power Technologies, Inc. reported total revenue of approximately $10.5 million, with detailed revenue sources as follows:

Future Outlook

Looking ahead, OPTT aims to enhance its revenue streams by expanding partnerships and seeking new opportunities in both domestic and international markets. The company forecasts potential growth in revenue by approximately 25% over the next fiscal year based on existing contracts and new sales initiatives.