November 28, 2022, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Ocean Power Technologies, Inc. titled, “Riding the Wave of Renewable Energy-as-a-Service for Offshore Applications and Maritime Products and Services for Commercial and Military Markets”. The report can be accessed here.
Ocean Power Technologies, Inc. (OPT) offers products and consulting services for ocean data collection and reporting, maritime power, offshore communications, and Maritime Domain Awareness (MDA). Its PowerBuoy (PB3) system generates clean electricity independent of the grid in offshore sites. OPT offers Wave Adaptive Modular Vessel (WAM-V) technology, which enables roaming capabilities for uncrewed maritime systems in waters. The company also provides subsea battery systems, strategic consulting services, software, controls, sensors, and marine installation services. OPT has delivered products and services to a wide array of customers, including those in government and military, offshore energy, oil and gas, construction, wind power, and other industries in need of offshore power solutions.
The offshore power market is expected to see significant growth in the coming years, with OPT focused on data and power as a service. OPT is uniquely positioned to leverage several mega-trends inside the broader industry. The company has identified several growth opportunities, including military, oil & gas, construction, and wind power. These sectors are prime for remote power needs and big data gathering. The plans are to become an industry leader in offshore data collection, integration analytics, and real-time communication for various crucial applications. This is especially appealing as the model creates the potential for recurring revenue and builds long-lasting customer relationships. The company is well financed, with liquidity of $52.1 million in cash and equivalents, which management believes is sufficient to fund its planned expenditures.
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