Boston, MA, 03/12/2014 – Ocean Power Technologies Inc (NASDAQ:OPTT) is in the business of developing and commercializing systems for generating electricity power from ocean waves. In other words, the ticker is a player in the alternative industry.
Many investors already know a lot about what is going on around clean energy stocks. But just in case you need a reminder, governments and environment advocates around the world are urging and enticing companies to adopt the use of clean and renewable electricity. Therefore, opportunities have been opening up for alternative energy companies and the industry is just in great excitement.
It is the moves displayed by such companies like Tesla Motors Inc (NASDAQ:TSLA) which manufactures all-electric cars, that are winning contracts for alternative energy companies.
While most alternative energy providers are turning to solar and wind, Ocean Power Technologies Inc (NASDAQ:OPTT) is charting a different path with harnessing of ocean weave energy. The company manufactures power buoys that are used to harness the ocean wave for energy.
Unlimited energy opportunity
Harnessing of ocean waves provides unlimited energy opportunity. In view of this, Ocean Power Technologies Inc (NASDAQ:OPTT) and Lockheed Martin Corporation (NYSE:LMT) have entered a $205.68 million contract for developing of a power project off the coast of Victoria, Australia.
The agreement was announced last month around the same date as today and it is expected to bring significant revenue for Ocean Power Technologies Inc (NASDAQ:OPTT) besides helping it win more similar contracts.
As for Lockheed Martin Corporation (NYSE:LMT), venture into clean energy market will help it offset the challenge in its defense equipment business.
Ocean Power Technologies Inc (NASDAQ:OPTT) is forging forward in every aspect. While the company is always on the lookout for the next project, it continues to boost its intellectual property portfolio. Looking at what the company already has, this segment should be worth many times its current market cap which is about $66.27 million.
Shares of Ocean Power Technologies Inc (NASDAQ:OPTT) traded up 19.78 percent to $5.45 in the previous session.