Subscribe today and receive an extra account for free.
Subscribe
PB3 commercial PowerBuoy off Kozu-Island, Japan. Source: Ocean Power Technologies Inc.
October 19 (Renewables Now) - Ocean Power Technologies (NASDAQ:OPTT) expects to raise about USD 8.15 million (EUR 6.9m) of gross proceeds from its previously announced public common stock offering, the company said today.
The New Jersey-based developer of ocean wave power generation technology will sell about 5.74 million common shares at a price of USD 1.42 apiece. It expects to close the offering on October 23. Aegis Capital Corp serves as the sole placement agent.
As previously mentioned, OPT plans to use the proceeds to replenish working capital and finance general corporate needs.
The company’s proprietary PowerBuoy technology is based on a power conversion and management system that turns wave power into electricity. Ocean Power last year shipped one commercial-ready PB3 PowerBuoy to Japan. The company has also initiated the production of two new commercial-ready PB3 units, its third and fourth, it said in September.
Q2 profit of GE Renewable Energy falls 48% y/y
Jul 20, 2018 15:51 CEST
Ørsted deploys scanning LiDAR buoy for New Jersey offshore wind project
Jul 18, 2018 9:11 CEST
Weekly round-up of renewable energy PPA news (July 9-15)
Jul 16, 2018 10:53 CEST
Solar investments drop in H1 2018, wind is up - BNEF
Jul 10, 2018 10:32 CEST
Nemos helps Carnegie with wave power project off Albany
Jul 06, 2018 15:40 CEST
Renewables hit 41.5% share in Germany's H1 power
Jul 03, 2018 11:46 CEST