Ocean Power Technologies, Inc. (NASDAQ:OPTT) Files An 8-K Other Events
Item 8.01 Other Events.
On March 20, 2020, Ocean Power Technologies, Inc. (“OPT”) was notified by its customer currently leasing a PB3 PowerBuoy® in the Adriatic Sea that its plan with respect to the lease had changed. Under the existing contract, the lease of the PB3 PowerBuoy® is to occur over two separate trial periods, each 18 months in duration. On February 28, 2020, as previously disclosed by OPT, the contract was amended to exercise the option for a second trial period – extending the term of the lease for an additional 18 months through November 2021. At the time, OPT planned to relocate the PB3 PowerBuoy® to another location in the Adriatic Sea. On March 20, 2020, a decision was made by the customer to continue the second trial period at the existing deployment site in the Adriatic Sea instead of relocating the PB3 to another location. To effectuate their decision, the customer withdrew from specific sections of the contract, as amended on February 28, 2020, associated with the relocation while leaving the remaining terms and conditions of the contract itself in place for the second trial period. Also remaining in place is the customer’s option, at the end of the second trial period, to purchase the PB3 or return the unit to OPT.
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.