Ocean Power Technologies Inc (NASDAQ:OPTT) shares rocketed by as much as 533% on Wednesday after the company said it had entered into a PB3 PowerBuoy lease agreement with Mitsui Engineering and Shipbuilding (TYO:7003) valued at $975,000.
The PB3 PowerBuoy leased by MES is planned to be deployed off Kozu-island in Japan following a planned stage gate review.
Ocean Power Technologies is a US owned renewable energy company, providing power generation devices, services and related equipment for the extraction of energy from ocean waves.
Under the Agreement, Ocean Power will also provide engineering support, associated deployment planning and logistics and ocean performance data collection and analysis.
The two parties will also jointly develop and test an advanced control algorithm with the goal of assessing increased ocean wave energy capture and electric power generation for potential customers in Japan and surrounding countries. Work on the project began in March 2016 following the signing of a letter of intent by OPT and MES.
Ocean Power shares were last up 280% at $5.56.