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.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/ocean-power-technologies-things-to-know/.

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