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Ocean Power Technologies Will Sail Further on Renewable Energy Movement

Fossil fuels have powered the world for many years, but this is changing as the renewable energy movement gains traction. Forward-thinking investors can add alternative energy companies like Ocean Power Technologies (NASDAQ:OPTT) to their watch list. After learning about this particular company, you might even consider accumulating shares of OPTT stock.

a light buoy in the middle of the ocean

Source: Shutterstock

Some folks just talk about investing in clean energy while the market opportunities pass them by. Ocean Power Technologies could easily become one of those companies that few traders are talking about today but everybody’s talking about in 2021 or 2022.

From real-time ocean surveillance to environmentally friendly battery systems, a stake in OPTT stock will expose you to a variety of compelling clean energy investment opportunities.

It’s never too late to start a position in a company that’s introducing innovative solutions in a market with strong growth potential. So, let’s take a deep dive into OPTT stock.

OPTT Stock at a Glance

To put it mildly, October has been a terrific month for investors of OPTT stock. The share price started the month at barely more than $1. By Oct. 7, the stock price had rocketed up to $3.72, marking its 52-week high.

That’s even more impressive when we consider that OPTT stock had traded below $1 for much of 2020. If the bulls can stay in control, then they might even be able to get OPTT above $5.

The $5 level is a significant level because a penny stock is defined by the U.S. Securities and Exchange commission as a stock trading for less than $5. And, it would be a huge victory for the bulls to get OPTT stock above the penny stock cut-off line.

It’s also important to observe that OPTT stock has retraced from its 52-week high, so investors have another chance to get in at a good price. However, if you believe in the company, then you might not wait too long before taking a long position.

Refining Ocean Surveillance

The spirit of innovation is really what sets Ocean Power Technologies apart from the company’s competitors. The company just keeps on pushing the envelope when it comes to creating novel ocean energy solutions.

For instance, the company is taking ocean surveillance to the next level with its recently introduced PowerBuoy Surface Surveillance Solution. Designed to monitor offshore areas for security purposes, the PowerBuoy Surface Surveillance Solution offers a number of key features:

  • High-definition optical and thermal video surveillance
  • 24/7 vessel tracking
  • Integrated command and control software
  • Automatic radar plotting and vessel warnings
  • Data can be transmitted to shore-based command stations via Wi-Fi, cellular, mesh and/or satellite systems

Ocean Power Technologies President and CEO George H. Kirby noted the significance of this product rollout, commenting, “Our team is redefining real-time ocean surveillance with a solution that agencies and companies can utilize to better coordinate security efforts at sea by integrating state-of-the-art security sensors and software with our autonomous PowerBuoys®.”

Uninterruptible Power

Let me give you another example of how Ocean Power Technologies is changing the clean energy space, one product at a time. This year, the company introduced the Subsea Battery, an “environmentally friendly lithium-iron phosphate battery system with a nominal storage capacity of 132 kilowatt-hours.”

This battery system is designed to provide an uninterruptible power source for long-term offshore installations that require electric power.

The Subsea Battery has a wide array of potential applications. These include environmental sensors, aquaculture systems, subsea oil and gas production systems, and remotely operated vehicles as well as autonomous underwater vehicles.

With the offshore industry requiring uninterruptible power systems and gradually leaning towards clean energy solutions, the Subsea Battery is a well-suited and perfectly timed product.

The Takeaway

Some folks will talk the talk when it comes to investing in clean energy solutions. But why just talk about it when you can profit from timely, innovative products?

That’s the value proposition presented by OPTT stock, an uninterruptible power source for your clean energy portfolio.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the “Master Key” to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.

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