Ocean Power Technologies, Inc. (OPTT): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how we can harness the immense power of ocean waves to generate electricity and support maritime operations?

Ocean Power Technologies, Inc. (OPTT), a U.S. publicly owned renewable energy company, is at the forefront of this innovation, providing electric power and communications solutions for remote offshore applications. With a market cap of $71.22 million as of April 2025, OPTT's journey involves innovative technology like the PowerBuoy^®, strategic partnerships, and a mission to provide advanced autonomy solutions for greater maritime situational awareness. Read on to discover how OPTT works and makes money in the renewable energy sector.

Ocean Power Technologies, Inc. (OPTT) History

Ocean Power Technologies, Inc.'s Founding Timeline

Year established

The company was originally established in 1984.

Original location

The original location of the company was in Pennington, New Jersey.

Founding team members

Dr. George W. Taylor is recognized as the founder of the company.

Initial capital/funding

Information regarding the company's initial capital and funding is not readily available in the provided context.

Ocean Power Technologies, Inc.'s Evolution Milestones

Ocean Power Technologies, Inc.'s Transformative Moments

• Initial Public Offering (IPO): Going public in 2003 was a transformative moment. This provided the company with crucial capital to scale its operations and invest in research and development.
• Strategic Partnerships: Forming partnerships with organizations such as the U.S. Navy for projects like the autonomous PowerBuoy (APB) significantly enhanced the company's credibility and opened doors to new opportunities.
• Focus on Autonomous PowerBuoy (APB) and Subsea Batteries: A strategic decision to concentrate on the APB and subsea battery solutions tailored for offshore applications has allowed the company to address specific niche markets, like offshore oil and gas, and ocean monitoring.
• Adaptation and Innovation: The continuous refinement of its PowerBuoy technology, including advancements in power generation and energy storage, reflects a commitment to innovation.

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Ocean Power Technologies, Inc. (OPTT) Ownership Structure

Understanding the ownership structure of Ocean Power Technologies, Inc. (OPTT) provides insights into who controls the company and whose interests may be driving its strategic decisions. A breakdown of ownership helps stakeholders understand the distribution of power and potential influences within the organization.

Ocean Power Technologies, Inc. (OPTT)'s Current Status

Ocean Power Technologies, Inc. (OPTT) is a publicly traded company, which means its shares are available for purchase by the general public on a stock exchange. This allows the company to raise capital through the issuance of stock and provides liquidity for its investors.

Ocean Power Technologies, Inc. (OPTT)'s Ownership Breakdown

As a publicly traded company, the ownership of Ocean Power Technologies, Inc. (OPTT) is distributed among various shareholders. These shareholders can be broadly categorized into institutional investors, individual investors, and insiders (officers and directors). The following table provides an overview of the ownership breakdown:

Ocean Power Technologies, Inc. (OPTT)'s Leadership

The leadership team at Ocean Power Technologies, Inc. (OPTT) is responsible for the strategic direction and day-to-day operations of the company. As of April 2025, key members of the leadership team include:

• Philipp Stratmann: President and Chief Executive Officer
• Matthew T. Shafer: Chief Financial Officer

These individuals, along with other members of the executive team, play a crucial role in guiding the company's strategy, overseeing its operations, and driving its financial performance. More information about Ocean Power Technologies, Inc. (OPTT) can be found here: Mission Statement, Vision, & Core Values of Ocean Power Technologies, Inc. (OPTT).

Ocean Power Technologies, Inc. (OPTT) Mission and Values

Ocean Power Technologies, Inc. (OPTT) focuses on developing and commercializing innovative solutions for clean energy generation and autonomous maritime systems. Their mission reflects a commitment to environmental sustainability and technological advancement in the ocean energy sector.

Ocean Power Technologies, Inc.'s Core Purpose

Official mission statement

While a specific, concise mission statement might not be explicitly available in the provided search snippets, Ocean Power Technologies, Inc.'s core purpose can be inferred from their activities and objectives:

• To design, manufacture, and commercialize wave energy converters that generate clean, reliable electricity from ocean waves.
• To provide autonomous maritime solutions and services, leveraging their power and communication platform for remote offshore operations.
• To advance sustainable ocean energy technologies, contributing to a cleaner and more resilient energy future.

Vision statement

Based on available information, a vision statement for Ocean Power Technologies, Inc. can be articulated as follows:

• To be a global leader in ocean wave energy technology and autonomous maritime solutions, transforming how the world powers and interacts with the ocean.
• To create a future where clean, predictable ocean energy plays a significant role in the global energy mix, fostering environmental sustainability and energy independence.
• To enable safer, more efficient, and cost-effective offshore operations through innovative autonomous systems and power solutions.

Company slogan/tagline

While a specific slogan or tagline was not found in the search results, potential taglines that encapsulate Ocean Power Technologies, Inc.'s focus and values could include:

• 'Powering the Future with Ocean Energy.'
• 'Autonomous Solutions for a Sustainable Ocean.'
• 'Harnessing the Power of the Waves.'

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Ocean Power Technologies, Inc. (OPTT) How It Works

Ocean Power Technologies, Inc. (OPT) specializes in designing, developing, and manufacturing wave-energy conversion systems that generate electricity from the ocean's waves.

Ocean Power Technologies, Inc.'s Product/Service Portfolio

Ocean Power Technologies, Inc.'s Operational Framework

OPT's operational framework is centered around creating and deploying wave energy solutions. This involves several key processes:

• Research and Development: Continuous innovation in wave energy technology, materials, and system design.
• Manufacturing: Production of PowerBuoys and related components, often involving specialized materials and engineering.
• Testing and Validation: Extensive testing in both simulated and real-world oceanic conditions to ensure reliability and performance.
• Deployment and Maintenance: Deployment of PowerBuoys at sea, along with ongoing maintenance and monitoring to ensure optimal operation.
• Data Services: Providing data solutions derived from the power buoys.

These processes drive value creation by providing reliable, sustainable power and data solutions for remote offshore locations. Learn more about OPT's Mission Statement, Vision, & Core Values of Ocean Power Technologies, Inc. (OPTT).

Ocean Power Technologies, Inc.'s Strategic Advantages

OPT's strategic advantages stem from its technology and market positioning:

• Proprietary Technology: Patented wave energy conversion technology provides a competitive edge.
• First-Mover Advantage: As one of the early entrants in the wave energy sector, OPT has established a strong brand and reputation.
• Strategic Partnerships: Collaborations with industry partners and government agencies enhance OPT's capabilities and market access.
• Focus on Niche Markets: Targeting specific markets like offshore oil and gas, defense, and security allows OPT to tailor its solutions and capture market share.
• Remote Autonomous Power: OPT specializes in providing power and data services in areas where there are no other options for power.

Ocean Power Technologies, Inc. (OPTT) How It Makes Money

Ocean Power Technologies, Inc. primarily generates revenue through the sale, lease, and maintenance of its wave energy converter products and related services. These include the PB3 PowerBuoy and other innovative solutions designed to harness wave energy for various applications.

Ocean Power Technologies, Inc.'s Revenue Breakdown

Detailed information on the specific percentages for each revenue stream and their growth trends is not available in the provided search results for the fiscal year 2024. The table below provides a hypothetical overview based on the general understanding of the company's operations. Real numbers and trends may vary and can be found in the : Mission Statement, Vision, & Core Values of Ocean Power Technologies, Inc. (OPTT).

Ocean Power Technologies, Inc.'s Business Economics

The business economics of Ocean Power Technologies, Inc. are influenced by several factors:

• Pricing Strategy: The company's pricing strategy likely involves a premium pricing model, reflecting the innovative nature and technological sophistication of its wave energy solutions. The pricing may also be influenced by factors such as project size, customization requirements, and the inclusion of long-term maintenance contracts.
• Economic Fundamentals: The demand for clean and renewable energy sources is a key driver. Government incentives, subsidies, and regulatory support for renewable energy projects enhance the economic viability of wave energy technology. The cost-effectiveness compared to other energy sources and the reliability of the technology also play crucial roles.
• Cost Structure: The cost structure includes manufacturing, research and development, deployment, and maintenance expenses. Economies of scale achieved through increased production and technological advancements can lower costs and improve profitability.

Ocean Power Technologies, Inc.'s Financial Performance

Analyzing Ocean Power Technologies, Inc.'s financial performance involves looking at several key metrics:

• Revenue Growth: Tracking the growth in product sales, lease income, and service revenue indicates market acceptance and the scalability of the business model.
• Gross Margin: Monitoring the gross margin helps assess the profitability of the company's products and services, reflecting its ability to manage production and service delivery costs effectively.
• Operating Expenses: Keeping an eye on operating expenses, including R&D and administrative costs, is crucial to understanding the company's investment in future growth and its operational efficiency.
• Net Income/Loss: The bottom line, net income or loss, reveals the overall financial health and sustainability of the company. It reflects the culmination of revenue, costs, and expenses.
• Cash Flow: Analyzing cash flow from operations, investing, and financing activities provides insights into the company's liquidity and its ability to fund ongoing operations and future expansion.

For the fiscal year 2024, specific financial figures such as revenue, gross margin, and net income/loss are not available in the provided search results. You can typically find these details in the company's annual reports and financial statements.

Ocean Power Technologies, Inc. (OPTT) Market Position & Future Outlook

Ocean Power Technologies, Inc. (OPT) is positioning itself for growth in the marine energy sector through strategic collaborations and technological advancements, though it faces challenges common to emerging renewable energy companies. OPT is working towards expanding its market presence and capitalizing on the growing demand for alternative energy solutions.

Competitive Landscape

The competitive landscape for Ocean Power Technologies includes other renewable energy companies and those specializing in marine technology. While specific market share data can fluctuate and is often proprietary, a general overview helps to contextualize OPT's position.

Opportunities & Challenges

OPT, like any company, encounters various opportunities and risks that can influence its future performance.

Industry Position

Ocean Power Technologies operates within the evolving marine energy sector. The company's position can be described through the following points:

• Technological Innovation: OPT focuses on advancing its wave energy technology, particularly the PowerBuoy system, to enhance performance and reliability.
• Niche Applications: The company targets niche markets such as offshore oil and gas, defense, and autonomous underwater vehicles (AUVs), where its solutions offer unique advantages.
• Strategic Partnerships: OPT seeks collaborations with industry partners, government agencies, and research institutions to expand its reach and leverage expertise.
• Project Development: Successful deployment and demonstration of its technology in real-world projects are crucial for building credibility and attracting customers.

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