Ocean Power Technologies, Inc. (NASDAQ:OPTT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; CompensatoryArrangements of Certain Officers.
On July 25, 2017, Dr. Mike M. Mekhiche, Executive Vice President, Engineering and Operations of Ocean Power Technologies, Inc., informed the Company of his resignation effective August 8, 2017. George H. Kirby III, President and Chief Executive Officer of the Company, will assume Dr. Mekhiche’s responsibilities to ensure OPT continues to deliver on its commitments, while using Dr. Mekhiche’s departure as an opportunity to address the Company’s organizational needs moving forward.
About Ocean Power Technologies, Inc. (NASDAQ:OPTT)
Ocean Power Technologies, Inc. is developing and seeking to commercialize its systems that generate electricity by connecting the renewable energy of ocean waves. The Company’s PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. The Company focuses on developing its PowerBuoy product line, which is based on modular, ocean-going buoys. Its autonomous PowerBuoy generates power for use in remote locations, independent of an existing power grid. The Company focuses on developing and commercializing its PowerBuoy products and services for use in autonomous power applications. The Company markets its PowerBuoys in the United States and internationally. The autonomous PowerBuoy integrates a power take-off (PTO) and onboard system for energy storage and management. Its PowerBuoy product is the PB3. PB3 can act as an uninterruptable power supply (UPS), which recharges itself by harvesting energy from the waves.
