Ocean Power Technologies, Inc., a wave energy technology developer, has filed for an IPO to sell 100 million shares on the Nasdaq in the U.S. on London’s AIM market.
The Company intends to use the proceeds 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; to fund the continued development of the Company’s PowerBuoy® system, including increases in system output; to expand its international sales and marketing capabilities; and for working capital.
Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the ocean wave energy. The Company’s PowerBuoy® system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade.
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