Ocean Power Technologies

Ocean Power Technologies is a publicly traded American renewable energy company, founded in 1984 and headquartered in Monroe, New Jersey, that provides electric power and communications solutions for remote offshore sites. Its PowerBuoy technology converts wave motion into electricity, and after determining that large scale grid connected wave power projects, including a 2012 to 2014 partnership with Lockheed Martin in Australia, were not commercially viable, the company shifted to powering remote installations such as offshore oil fields. It offers autonomous PowerBuoy systems rated from two to forty kilowatts for deep ocean use, along with the Undersea Substation Pod, which aggregates power from other marine generation devices. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/