- A $12.5 Million Liquidity Boost
Ocean Power Technologies [NASDAQ: OPTT] recently agreed with Aspire Capital Fund, LLC on a stock deal where Aspire will buy common stock worth approximately $12.5 million. The deal will be for 30 months and will enable Ocean Power to get funds to purchase new equipment and machinery like PowerBuoys to meet potential energy demands. OPT is now set to initiate new projects as well as advancing the existing ones. The new projects will enhance service delivery hence allowing the company to get new opportunities and expanding its market base. The company’s President and Chief Executive George H. Kirby expressed his excitement following this development that will see OPT access capital on flexible terms and a cost-effective basis.
- Resilient Quarterly Results
Ocean Power Technologies recently announced its financial results for the first quarter of the fiscal year 2021 that ended July 31, 2020. From the results, the company has made significant milestones in terms of acquiring new machinery and equipment as well as adopting new technologies that have enhanced its operations. It has also opened new offices in a new location that will see better administration and corporate services. The company’s revenue for that quarter was $0.2 million. This result was flat as compared to the fiscal year 2020 of the same period. OPT derived revenue for the fiscal year 2021 mainly from Enel Green Power Project while it had derived revenue for the same period in the previous year from Premier Oil and U.S. navy projects.
- Company is Expanding Its Team
The company recently announced the addition of a new commercial team member, Gilar Prakoso, to represent the company in the Asia Pacific region. Gilar Prakoso is based in Jakarta, Indonesia, OPT’s President George Kirby, supported the move saying that this will help OPT expand their market and further promote OPT’s capabilities. He further noted that Gilar’s connections and relationships with local maritime agencies and industries will play a crucial role in helping OPT grow its customer base and establish regional partnerships and relationships. OPT is committed to providing maritime solutions such as protecting territorial waters, prevention, and supporting oil well decommissioning as well as curbing illegal fishing. There was a need therefore to establish such relations.
About Ocean Power Technologies Inc
Ocean Power Technologies Inc is a renewable energy company with operations in the Americas, Europe, and Asia. It is based in Monroe Township, New Jersey.