Dallas, Texas 03/18/2014 (FINANCIALSTRENDS) – Ocean Power Technologies Inc (NASDAQ:OPTT), the Pennington, New Jersey based electricity generating company with a difference, has hit some low tides, following the announcement of its quarterly results. The power this company generates uses renewable resource, which is often left alone – Oceans.
Captures Ocean energies to generate electricity
OPTT, incidentally is not just one of the leading electricity generating company from this resource, but is one of the better known for its commercial systems, which allow for increased production of electricity.
Ocean Power uses its own PowerBuoy system which converts the available mechanical energy produced by the height-based rise and fall of ocean waves, to produce electricity. The commercial products/devices which are easy to install and use by third-parties to generate electricity from this renewable resource are of two types. These are the Utility PowerBuoy System as well as the Autonomous PowerBuoy System.
The former is successful in helping local organization to produce and supply electricity to communities or the regional power grid. Meanwhile, the Autonomous type of PowerBuoy system has been designed for such use as to remain independent of power grids. These are found to be effective hardware in remote locations, where local grids are yet to penetrate or are lacking. Autonomous segment of products are highly effective and have found reasonable response from assorted consumers, mainly institutional in structure.
Third quarter earnings results
Ocean Power Technologies Inc (NASDAQ:OPTT) has in the second week of March announced it third quarter fiscal results.
The recent spate of activity for OPTT is the wave power station developed in the Pacific Rim region, along with a new contract with Mitsui Engineering as well as Shipbuilding.
Ocean Power Technologies Inc (NASDAQ:OPTT) has also announced that it has been building Autonomous PowerBuoy opportunities, besides amending the grant agreement it held with Victoria-based Australian Renewable Energy Agency, with funds now being available to the tune of A$66.5, to establish the structure as well as the wave power station.