Ocean Power Technologies Completes IPO in the U.S.

Pennington, New Jersey [RenewableEnergyAccess.com] Ocean Power Technologies, Inc. (OPT) today announced the completion of its initial public offering (IPO) of 5,000,000 shares of its common stock in the U.S. at $20 per share. The company received net proceeds from the offering of approximately $90.1 million. The shares sold in the offering are listed on The NASDAQ Global Market and OPT plans to apply for these shares to be listed on the AIM market of the London Stock Exchange. OPT intends to use the net proceeds from this offering to construct demonstration wave power stations; fund minority investments, continued development and commercialization of its PowerBuoy, and expand assembly, test and field service facilities. OPT will also expand its international sales and marketing capabilities.
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