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