Company Leadership


Corporate Profile


Major Milestones


Global Partners


Intellectual Property


Making waves in power™

Our Mission

We are committed to the development and high volume production of reliable and efficient wave energy solutions for the utility and autonomous markets on a global scale. Quality and dependability of our products are imperative. We are dedicated to implementing solutions which are cost competitive for their markets. All while promoting an ethics-based and safety-oriented environment.

Clear Vision

OPT was co-founded by Dr. George W. Taylor and the late Dr. Joseph R. Burns in pursuit of their vision of harnessing the boundless energy of the world’s oceans. Since 1994, OPT has focused on its proprietary PowerBuoy® technology, capturing wave energy using large floating buoys anchored to the sea bed and converting that energy into electricity using innovative power take-off systems.

Tested at Sea

Commencing in 1997, ocean installations have been conducted off the coasts of three continents, and have demonstrated the PowerBuoy’s ability to capture wave energy, convert it into electricity and survive a wide range of wave conditions including hurricanes and tsunamis. The technology is on a growth curve towards full-scale commercial application, recent examples of which are the PowerBuoy grid-connected in Hawaii; the Mark 3 utility-grade system off Scotland; and the APB 350 autonomous buoy delivered to the US Navy and US Department of Homeland Security for radar-based and sonar-based maritime security applications.

Dr. George W. Taylor, co-founder of Ocean Power Technologies, Inc. and Chairman Emeritus

Funded for Success

The Company completed its US IPO and listing on NASDAQ in April 2007 and is traded on NASDAQ under the symbol "OPTT".

Ready for Commercial Rollout

The Company’s business is focused on marketing its PowerBuoy technology to the following segments:

  • Grid-connected utility market featuring the Mark 3 PowerBuoy.
  • Autonomous market requiring lower levels of continuous power for deep-ocean applications such as maritime security and homeland defense, offshore oil and gas operations, aquaculture and oceanographic data sampling. The Company’s PowerBuoy, in continuous power ratings of 10 to 350 watts, is ideal for these applications, including the APB 350 autonomous PowerBuoy sold to the US Navy.
  • Infrastructure products and services, drawing on OPT’s 15 years of experience in marine energy ocean operations, cable installations, grid interconnection, permitting and site development. The Company’s Undersea Substation Pod product is available for sale to all companies in the marine energy sector.

Competitive Advantages of the PowerBuoy


  • PowerBuoy is based on oceangoing buoys, primarily below sea surface.
  • Real-time electronic “tuning” capability optimizes power in dynamic wave conditions.
  • PowerBuoy sends grid-ready electrical power to shore, not pumped water.
  • Power take-off is direct drive, not hydraulics-based.
  • PowerBuoy demonstrated robustness in hurricanes, winter storms, tsunamis.
  • PowerBuoy produces power efficiently, regardless of direction of incoming waves.

Product Positioning

  • PowerBuoy technology provides power for autonomous deep-sea applications as well as for grid-connected utility markets.
  • PowerBuoy's open architecture can use different PTOs; undersea substation pod serves all energy devices.

Market Presence

  • Strong partners: Mitsui (Japan), Lockheed (US), US Navy.
  • Third-party commercial validation: environmental assessments, grid connection, Mark 3 PowerBuoy.
  • Strong capital base and cash balances – foundation for growth.

  • Certification by Lloyd’s Register of Mark 3 PowerBuoy structure and mooring system.
  • Independent Environmental Assessments in Hawaii under direction of US Navy, and by US DOE for Reedsport, Oregon project; both resulted in “Finding Of No Significant Impact” – highest rating.
  • Grid connection certified by Intertek (IEEE and UL standards)
  • PowerBuoys insured by Lloyd’s syndicates for property loss and third-party liability.