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.