•  
  •  
  •  

Ocean Power Technologies to sell USD 10m in shares to Aspire Capital Fund

The PB3 PowerBuoy wave energy device. Source: Ocean Power Technologies

October 25 (Renewables Now) - US institutional investor Aspire Capital Fund LLC has agreed to buy up to USD 10 million (EUR 9m) of the common stock of Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, over a period of 30 months.

OPT said in a statement today that it will use the proceeds from the transactions to build more units of its PB3 PowerBuoy wave energy devices to meet potential market demand. A portion will also be spent on advancing the development of new products and for other general corporate purposes.

“By focusing on lowering costs to obtain working capital, we believe this agreement allows the Company to receive a higher value return for funding to meet our projected sales growth and our continued innovations in providing ocean power,” commented George Kirby, president and CEO of Ocean Power Technologies.

(USD 1.0 = EUR 0.902)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription