Ocean Power Technologies announced Thursday it has moved its new corporate headquarters and manufacturing facility to Monroe.Ocean Power Technologies announced Thursday it has moved its new corporate headquarters and manufacturing facility to Monroe.
“Our ability to deliver PowerBuoys to our customers is a critical factor in executing our commercialization strategy,” George H. Kirby, OPT CEO and president, said in a statement.
“We are seeing increasing interest for our PB3 PowerBuoy in specific applications, mainly around support for offshore oil and gas subsea operations and metocean applications, as well as within our other target markets. Given the significant limitations of our current location, in combination with certain contractual opportunities with our current facility lease, we arrived at the strategic decision to relocate our corporate headquarters which allows us to dramatically expand our manufacturing capabilities. We also believe that our new location will better position us to attract and retain critical talent as we continue to increase our sales, marketing, technical and operational expertise through new hires.”
The new facility will be located at 28 Engelhard Drive and will be comprised of approximately 56,000 square feet of manufacturing and office space. The new space is nearly double the size of its current facility in Pennington.
“We believe this new facility will enable us to implement world class assembly and testing processes, emphasizing product quality and employee safety, while significantly increasing product through-put. We are planning to carry out the move in the latter part of this calendar year with minimal impact to business operations,” Mike Mekhiche, executive vice president of engineering and operations, said in a prepared statement.
The move will support the company’s increased operational needs, as well as allow for its projected growth over the next few years.
“Our decision to relocate is integral to our overall business growth strategy, which focuses on increased operational efficiency, a non-negotiable commitment to product quality and employee safety, and ensuring timely product delivery. With this move, we believe we’ll be poised to deliver on the great opportunities that we’re pursuing,” Kirby said in a statement.