Ocean Power Technologies (O.P.T.) is a US owned renewable energy company, providing power generation devices, services and related equipment for the extraction of energy from ocean waves. The company's PowerBuoy technology is scalable to hundreds of megawatts and the generated energy from Wave Power is supplied to the grid via submarine cables. Projects are now underway around the world.
Ocean Power Technologies Australasia Pty Ltd, OPTA is an Australian owned subsidiary of Ocean Power Technologies Inc (OPT), currently engaged in wave power projects in Australia .
Ocean Power Technologies Limited is the UK-based wholly owned subsidiary.
The Company's primary product is the PowerBuoy wave generation system. It uses a "smart," oceangoing buoy to capture and convert wave energy into low-cost, clean electricity.
The USP is an electrical power aggregator from up to ten offshore power generation devices, be they wind, wave power or other, into one common interconnection point for transmission to the onshore power grid. The USP can likewise be configured to supply onshore power to offshore devices.