OPT secures over $7M wave cash

OPT's PowerBuoy (Photo: OPT)

Ocean Power Technologies (OPT) has closed public common stock share sale raising a multi-million funding amount.

New Jersey-based wave energy developer OPT secured approximately $7.4 million in net proceeds through the public offering of common stock launched last week.

The offering, managed by Aegis Capital Corp, included 5,739,437 shares of OPT’s common stock priced at $1.42 per common share.

OPT said it plans to use the net proceeds from the offering for working capital and to fund other general corporate purposes.

The company has developed PowerBuoy device that harvests the energy of the waves, and can act as both power and communication platform for remote offshore applications.

Share this article

Follow Tidal Energy Today

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The WES Annual Conference

The WES Annual Conference is a major networking event to help wave energy technology companies to share their ideas…

read more >

The Scottish Green Energy Awards

Join them in Edinburgh this St Andrew’s Day to recognise and celebrate the determination and innovation – and the people…

read more >

WavEC Seminar 2017

The event of this year will discuss the importance of testing and demonstration infrastructures – both onshore and offshore – to attract…

read more >