Ocean Power Technologies (OPTT) Celebrates Launch of PowerBuoy Wave Energy Off NJ Coast

One green stock nobody is talking about is Ocean Power Technologies (OPTT), which remains in a nasty downtrend.  Just about every other green stock has seen its stock surge this year.. from Rentech (RTK) with its jet biofuel to Capstone (CPST) with its microturbines to the solars and lithium battery companies.  Nearly all have rocketed higher.  Poor old OPTT remains mired in the abyss of a record low stock price.  Perhaps that may change .. and soon. 

It’s a small step, but the company celebrated the launch of its PowerBuoy wave energy system off the coast of New Jersey today and you can’t underestimate the collaboration with Lockheed Martin (LMT) to develop utility scale wave energy systems announced in January.

Said OPTT CFO of the launch in NJ: “This is a celebration of our work in the renewable energy sector and an opportunity to thank the state and federal government for supporting OPT since the very beginning.  As we continue to achieve success in both the national and international markets, OPT is proud to have invented, developed, and grow our operations right here in New Jersey.”

With OPTT bouncing off support of the March lows around 4, it may be an interesting place to make a longer term bet on the company. 

Here’s a nice video showing the technology and a launch of the PowerBuoy in Hawaii.

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