Under the agreement, Ocean Power will pay 3Dent $800,000 worth of stock based on the closing price on Dec. 31, which will equal 361,991 shares.
3Dent was founded in 2013 and uses engineers and naval architects for offshore energy such as oil, gas and offshore wind.
Services they’ve provided include “simulation engineering of hydrodynamic and structural applications, concept design, software engineering, and vessel monitoring for drilling contractors, construction yards, major oil companies, service companies, and engineering firms,” according to a statement Tuesday from Ocean Power.
Ocean Power said that the scope of 3Dent’s services and clientele are ideal for the support of a burgeoning offshore wind industry.
“3Dent brings significant expertise in offshore engineering to OPT and our customers by providing complete project lifecycle engineering services, from concept through installation to decommissioning, including early-stage feasibility and design,” Ocean Power President George Kirby said in a Tuesday statement.
“Together, we are well-positioned to bring added value to our customers while expanding into new markets such as ocean renewables.”