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Power Generating Buoy Maker Ocean Power Sets IPO Terms
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Pennington, NJ-based Ocean Power Technologies has set its proposed IPO terms to 5M shares at $20 - $22 per share. It plans to trade on the Nasdaq under ticker symbol OPTT with UBS serving as lead underwriter. Shareholders include Henderson Group.
Ocean Power Technologies is listed on the AIM market of the London Stock Exchange in 2003 under the symbol “OPT.” Ocean Power has revenue of $2M and a net loss of $6M It market cap is $213.7M.
Ocean Power's buoys develop renewable energy from ocean waves. Its system consists of a floating buoy that is loosely moored to the seabed so that it can freely move up and down on the rising and falling of the waves, as well as a power take off device, an electrical generator, a power electronics system and a control system.The power take off device converts the mechanical stroking created by the movement of the unit caused by ocean waves into rotational mechanical energy which drives the electrical generator.The company was awarded an initial contract from US Department of Homeland Security and has had deals to operate buoys in Spain and France.
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