Shares in Ocean Power Technologies Inc (NASDAQ: OPTT) waved over 48% higher as its power and communication product was leased to Mitsui Engineering and Shipbuilding (MES) and shipped to Japan.
The PB3 has been deployed off the coast of Kozu-shima Island in Japan as part of its first lease agreement with Mitsui.
Exciting times for OPT...
OPT president George H. Kirby told investors: “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.”
The machine arrived in Tokyo on March 18 and was transported to Kozu-shima Island and deployment was completed by a joint team of Penta-Ocean Construction and MES.
Designed for harsh conditions...
OPT supported MES with the mooring system specifically for the harsh ocean conditions of Kozu-shima Island.
The PB3 is an integrated power and communication platform for remote offshore applications such as subsea and ocean-surface surveillance for security and defense, subsea production operations for oil and gas, and subsea drone docking stations used in the defense and oil and gas markets.
This lease agreement calls for a 6-month deployment with the possibility of extension.