Hydropower

Ocean Power Technologies Files for IPO in U.S.

Ocean Power Technologies, Inc. (OPT) has filed with the Securities and Exchange Commission to register up to $100 million in shares for a proposed public offering (IPO) of the company’s common stock in the U.S.

All shares of the common stock to be sold in the offering will be sold by OPT, which will apply to list the shares to be sold in the offering on The NASDAQ Global Market and on the AIM market of the London Stock Exchange. After the offering, OPT plans to continue to list its common stock on the AIM market of the London Stock Exchange. The company intends to use net proceeds of the offering to construct demonstration wave power stations and to fund minority investments in wave power station projects to encourage market adoption of the company’s wave power stations and to fund the continued development of its PowerBuoy system, including increases in system output. OPT also plans to expand its international sales and marketing capabilities and needs funding for working capital and general corporate purposes, including potential acquisitions of complementary businesses, products or technologies.