Ocean Power Technologies Inc (NASDAQ: OPTT) is off to a strong start in the pre-market hours this morning, and for good reason. The company announced the deployment of a key product in Japan. As a result, investors got excited and the stock found its way upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:21), OPTT is trading at $2.74 per share after a gain of $0.91 per share (49.73%) thus far today.
OPTT Announces Deployment Of PB3 PowerBuoy In Japan
As mentioned above, Ocean Power Technologies is having a strong time in the pre-market hours after announcing that a PB3 PowerBuoy was deployed off the coast of Japan under a lease agreement the company has with Mitsui Engineering and Shipbuilding. In a statement, George H. Kirby, President and CEO at OPTT, had the following to offer:
“This is an exciting time for OPT as we initiate this lease and deploy the PB3 in Japanese waters for the first time. The deployment went well and the PB3 has already exceeded two thousand watts of peak power. We’re looking forward to leveraging this opportunity to bring our PowerBuoys to Japan and other parts of East Asia.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OPTT. In particular, we’re interested in following the PB3 PowerBuoy and learning more about its performance. We’ll also be watching as the company works to expand sales and push these further to the market. We’ll continue to follow the story closely and bring the news to you as it breaks!
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