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)