Ocean Power plans to use the proceeds to construct demonstration wave-power stations.Ocean Power Technologies Inc. (Nasdaq: OPTT) of Pennington today announced the completion of its initial public offering. It brought in net proceeds of about $90.1 million after underwriting discounts and commissions. The company sold 5 million shares of common stock at $20 per share. Its shares were trading at $14 in mid-morning.
Ocean Power develops and is commercializing proprietary systems that generate electricity by harnessing the energy of ocean waves. It plans to use the IPO proceeds to construct demonstration wave-power stations; fund minority investments in wave-station projects and commercialize its PowerBuoy systems, among other expenses. The PowerBuoy system is based on modular, ocean-going buoys that have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the companyÂs proprietary technologies convert into electricity.