Ocean Power Technologies files to go public

Ocean Power Technologies (“OPT”) of New Jersey announced today that it has filed registration statements to go public on the NASDAQ and London Stock Exchange AIM markets.

OPT plans to register up to $100 million USD in shares for its IPO.

Ocean Power Technologies develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The company system is based on modular, ocean-going buoys.

It competes with companies like Ocean Power Delivery of Scotland and Finavera Renewables of Canada.

The company says it will use net proceeds of the offering 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 and general corporate purposes, including potential acquisitions.

OPT has been in product development and testing for ten years, but has only recently started to see commercial acceptance. The company was awarded a contract this summer to build a power facility off the coast of Spain. The value of the contract was not disclosed.

The IPO is to be underwritten by UBS Investment Bank, Banc of America Securities, and Bear, Stearns & Co. Inc. First Albany Capital is acting as co-manager.

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