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Ocean Power Technologies: 14 Things to Know About OPTT Stock

Ocean Power Technologies (NASDAQ:OPTT) is seeing a massive spike in its stock on Monday but just what does it do?

Image of a buoy floating in the ocean.

Source: Shutterstock

Here’s everything investors need to know about Ocean Power Technologies.

  • The company offers buoy batteries called the PowerBuoy to companies and government agencies for use in the ocean.
  • The buoys recharge batteries by converting the waves of the ocean into electrical energy.
  • This allows for devices in remote locations to receive a continuous supply of uninterrupted power.
  • That’s a benefit for organizations that make use of it as they don’t have to send out crews for regular maintenance of the devices.
  • It’s also worth pointing out that this is a renewable source of energy.
  • So who exactly makes use of the PowerBuoy?
  • There’s a range of organizations, such as oil companies and those handling defense and security.
  • That includes groups that combat human and drug trafficking.
  • It’s also worth pointing out that the PowerBuoy can act as a charging dock for other devices.
  • Among these are unmanned unwater drones.
  • Ocean Power Technologies is a U.S. company headquartered in Monroe, N.J.
  • The company was founded in 1984 and went public in 2007.
  • Its original goal was the commercialization of its PowerBuoy to provide power to people.
  • However, that strategy didn’t pan out and it shifted focus to offering its devices for niche uses.

OPTT stock was up 68% as of Tuesday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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