OPTT - Ocean Power Technologies

I've been looking to get some insight from people for a while. Figured I would start a thread and see who is following this.

They seem to have a good product and are coming a long way. They build power buoys that harness wave energy...wave supply is constant.

Recently they signed an agreement with Lockheed Martin to produce a wave "farm" off california or oregon.

LMT is a great company to be associated with. Being a National Defense contractor...the Governement is now looking at energy as a matter of "National Security"
There is going to be a lot of money going out from the Government in order to develop eco friendly energy.
All seems like positives for a company that has strong fundamentals.
Currently their cash value of assets is considerably higher then what optt is trading at.


Looking for any insight or thoughts. Thanks!




PENNINGTON, N.J. (AP) -- Defense contractor Lockheed Martin Corp. and a New Jersey-based alternative energy company announced Monday an agreement to develop a utility-scale generation project that would harness power from waves in the Pacific Ocean.

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Symbol Price Change
LMT 77.22 +0.06

OPTT 4.89 -0.22


Ocean Power Technologies Inc. in Pennington, N.J., will build the power takeoff and control systems and provide its technology that uses an oceangoing buoy to capture and convert wave energy into electricity.

Lockheed Martin, based in Bethesda, Md., would provide construction, systems integration and deployment of the plant, and operations and maintenance services.

Financial terms of the agreement were not disclosed.

The prospective wave power project is expected to be off the coasts of California or Oregon.

The two companies are seeking to capitalize on public investment in alternative power.

"This collaboration will serve to draw on the key strengths of each company and leverage our respective commitments to renewable energy as both the U.S. federal and state governments increase their investment in the sector," said George W. Taylor, chief executive of Ocean Power Technologies.

Shares of Lockheed Martin rose $1.36, or 1.7 percent, to $82.34. Ocean Power Technologies rose 31 cents, or 5 percent, to $6.50.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean, and environmentally-beneficial electricity. OPT has a strong track record in harnessing wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as the leading provider of on-grid and autonomous wave-energy generation with its energy systems benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

Things are really starting to move hard on this one. Up over 10% today. It was under $4 last week and closed today at $5.35.

They signed the agreement With Lockheed Martin Recently. OPTT has met with President Obama. And most importantly today there is an article explaining that some of the governmental road blocks are being worked on. I really think the Obama administration wants to push this standard and it looks like OPTT is going to be on the forefront (seeing that they are signing contracts with the biggest governmental defense contractor)

Thoughts and views???...

UPDATE 3-US Govt cuts red tape on offshore renewable energy
Tue Mar 17, 2009 3:34pm EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
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By Tom Doggett

WASHINGTON, March 17 (Reuters) - With the aim of ending a regulatory turf war, U.S. government agencies on Tuesday said they would work together to cut red tape and spur development of offshore renewable energy projects.

Under the agreement, the Interior Department will have jurisdiction over offshore wind and solar energy projects, while the Federal Energy Regulatory Commission will oversee offshore projects that generate electricity from wave and tidal currents.

"This agreement will help sweep aside red tape ... our renewable energy is too important for bureaucratic turf battles to slow down our progress," said Interior Secretary Ken Salazar.

President Barrack Obama has made developing alternative energy sources a centerpiece of his new administration, but he needs cooperation among a host of agencies to spur development and reach the goal of doubling renewable energy production over the next three years.

Acting FERC Chairman Jon Wellinghoff said the permitting procedures forged between the two agencies "will help get renewable energy projects off the drawing board and onto the Outer Continental Shelf."

Staff at both agencies have been directed to develop a memorandum of understanding that formally spells out the process for issuing permits and licenses for offshore renewable energy projects.

Denise Bode, chief executive of the American Wind Energy Association, said the new agreement "is a welcome sign that some of the bureaucratic obstacles to offshore wind will soon be removed."

She also said it shows the Obama administration "is ready to back up its commitment" to boost renewable energy output.

FERC Commissioner Philip Moeller told a Senate Energy Committee hearing on Tuesday the agency had begun to receive applications for preliminary permits and licenses for so-called hydrokinetic projects, which generate electricity through the motion of waves or the flow of tides, ocean currents or inland waterways.

FERC has issued some 170 preliminary permits for 10,000 megawatts of potential power generation from offshore projects, according to Moeller.

One of those is Ocean Power Technologies' (OPTT.O) project off the Oregon coast, which will create a 1.5 megawatt power station to supply electricity to about 2,500 homes.

The project would have 10 buoys with pistons in a cylinder to slide up and down as the buoys move over waves in the water, generating electricity in the process. An underwater cable would then transmit the power.

Separately, the California Public Utilities Commission gave initial approval in January for PG&E Corp (PCG.N) to initially spend $2 million on its planned ConnectWave demonstration project, which eventually could produce 40 megawatts of electricity.

Salazar told the committee the Interior Department was "very ready to move" on offshore wind energy projects.

He said the department would make a final decision "in the next several months" on whether to give final approval to the controversial Cape Wind project off the coast of Massachusetts, which aims to provide power for 400,000 homes.

With an estimated price tag of more than $1 billion, Cape Wind would consist of 130 wind turbines over 24 square miles (62 sq km) in Nantucket Sound, within view of popular Cape Cod resorts.

The project won a favorable environmental review from the department in January, but it faces stiff opposition from business leaders and politicians, including Senator Edward Kennedy.

Cape Wind's turbines would stand about 440 feet (135 meters) above the surface of the water at the tip of the blade. Opponents say the turbines would be unsightly and threaten the area's tourist industry around Cape Cod, Martha's Vineyard and Nantucket.

Supporters of the project, including Massachusetts Governor Deval Patrick and many environmental groups, said it would create needed jobs and cut air pollution and greenhouse gas emissions. (Additional reporting by Ayesha Rascoe; Editing by Russell Blinch and Marguerita Choy)

Still going.
OPTT has been climbing .10-.20 almost every day it seems like.
Now at $6.07. I've had a nice run and will take a little off the table.
But I'm looking to keep a big chunk since I think $8 isnt too far off...
All in my opinion of course.

I would love some other thoughts. Anyone else been watching/in this?

Missing the Train???...

Up another .26(+4.5%) TO $6.30 SO FAR TODAY

Is anyone else following optt???
Think it still has plenty of room to go up.
Cash position alone is over $8 a share.

Signing contracts with Lockheed Martin.

Good things to come.

All in My Humble Opinion of course

Just hit $6.60 Up almost another 10% today

At $6.74 now and holding steady +.70 +11.59%

Green the last 13 out of 14 days including today...not too shabby

Closed at $6.90 +.86 +14.24%

This one has legs

+.30 +4.5% at $7.20 currently

would love to see an afternoon run-up like yesterday.

I really think now that the governement red taper has been cut. They have been approved to build a 10 buoy farm off oregon. This thing may keep going for a while till it finds its new base.

Statement just released. The US Government is giving OPTT an additional $1.1 Million for further development of their project off the coast of Hawaii that works in conjunction with the US Navy.
Very very good news in my opinion.

Ocean Power Technologies Receives Additional $1.1 Million Funding for Hawaii Wave Power Project
Wednesday April 1, 2009, 2:00 am EDT
Buzz up! Print Related:Ocean Power Technologies, Inc
PENNINGTON, N.J.--(BUSINESS WIRE)--Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") today announced that it has received additional funding of US $1.1 million for its on-going project with the US Navy to demonstrate the Company’s PowerBuoy® system off the Hawaiian island of Oahu.

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Symbol Price Change
OPTT 6.55 -0.01


{"s" : "optt","k" : "c10,l10,p20,t10","o" : "","j" : ""} The PowerBuoy system was deployed in October 2008 at the offshore site approximately one mile off the coast, in 100 feet of water depth. During initial commissioning tests the power produced was in line with predicted levels. This additional contract award will primarily support the continuing upgrades and testing of the PowerBuoy, for improved ocean durability. Throughout the project, the US Navy has maintained a direct involvement and has monitored progress made by the Company.

The Hawaii project is for the installation, testing and grid connection of successive PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay and has received strong support from the Hawaii and New Jersey congressional delegations. The project will utilize local Hawaiian subcontractors for the installation, test and servicing of the systems. The Company also will be working on the project with Sound and Sea Technology, which brings its Navy expertise in ocean engineering and will review the system upgrades.

Previously, the OPT wave power project underwent an extensive environmental assessment by an independent engineering company which featured evaluation of potential impacts on the seabed; fish, organisms and mammals; vegetation; and sea quality. This resulted in a Finding of No Significant Impact (FONSI) on the environment, which is the highest level of environmental rating, and is believed by the Company to be the only such FONSI awarded to any wave energy company.

Mark R. Draper, Chief Executive Officer of OPT stated, “This project reflects the on-going commitment of the US Navy to renewable energy generation and sustainable development. It furthers the long-standing partnership which OPT has had with the US Navy in developing our core PowerBuoy technology. Our success to date owes much to this shared commitment to renewable energy, and we expect to leverage this program in the commercial expansion of our business internationally.”

Forward-Looking Statements

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.