Ocean Power Technologies (OPT), Inc. is developing and attempting to commercialize its power generation systems by combining renewable energy with ocean waves. The company offers the PB3 PowerBooy system for power generation via an independent power grid at remote offshore locations. The Ocean Proven PB3 PowerBuoy, a range of power and communication products for autonomous wave energy, was the basis for OPTs solutions to various offshore challenges in the Gulf of Mexico. OPT recently announced the launch of two new products: a hybrid PowerBuoy and an underwater battery. Its system generates electricity by combining renewable energy from ocean waves with a technology that converts mechanical energy from the rise and fall of ocean waves into electricity. Several projects have already been carried out worldwide, but the economic viability of the theoretical concept remains problematic.
Ocean Power markets the technology to power and communication in remote locations such as offshore oil fields. According to the International Energy Agency ( IEA ), ocean energy can help mitigate the effects of climate change by reducing carbon emissions from fossil fuels and increasing the generation of electricity by an estimated 500 million tonnes by 2050. As the world’s largest collector and storage of solar energy, the ocean is a renewable energy source. Compared to other renewable energy sources, it offers predictable and continuous electricity generation. Ocean Power Technologies shortly announced the end of more than a year and a half of continuous operation of one of their PB3 PowerBooy wave energy converters, which powers underwater vessels for the Italian oil company Eni in the Adriatic Sea.
Tidal turbines resemble wind turbines but are underwater. They are arranged in rows and operate with coastal currents of 36 to 49 knots (4 miles per hour). They are heavier than wind turbines because they are much more stable and can withstand the pressure and strong forces of the sea, allowing them to absorb more energy.
Their mission is to deliver durable, reliable, cost-effective ocean-energy solutions that enable new capabilities for their customers and partners, add value to their shareholders, inspire their employees, and enhance the environment.
Website: oceanpowertechnologies
Location: Monroe Township, New Jersey
Stock: OPTT
