Ocean Power Technologies (OPTT) Gets Another $2.75 Million From Navy

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10:28:55 am on October 4, 2010

The US Navy continues to invest in the wave energy technologies of Ocean Power Technologies (OPTT) as part of their anti-terrorism and maritime surveillance program.  The new award follows the successful completion of the first stage of a four-year $15.0 million project for the US Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program during which OPT successfully completed delivery of the design and testing of a new power take-off system for its PowerBuoy wave energy system.  The LEAP program aims to enhance security in our oceans with a vessel detection system running on wave energy.

CEO of OPTT Charles Dunleavy commented: “OPT is delighted to receive this new funding from the US Navy. We appreciate the confidence that the Navy has shown in OPT and our autonomous PowerBuoy, which is based on a long-standing and productive partnership.”

Shares of OPTT are trading down a few percent today but continue to look like they may have bottomed out around the $4.80 level.  While the company is a long ways from being profitable, it may be a compelling entry down at these levels.

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