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Ocean Power Technologies

Ocean Power's mainstay PowerBouy product in Adriatic Sea achieves power generation milestone; stock jumps

The New Jersey company's PB3 PowerBuoy off the coast of Italy has produced more than one megawatt-hour of cumulative energy since November

oil rig
The PowerBuoy was deployed in the Adriatic Sea in partnership with Italian oil and gas company Eni

Shares of Ocean Power Technologies Inc (NASDAQ:OPTT) jumped by double-digits Monday after announcing its mainstay PB3 PowerBouy product achieved a “major power generation milestone.”

The stock of the New Jersey-based ocean wave power generation company recently traded up 14% to $2.54 a share on heavier-than-average trading.

Ocean Power said that the PB3 PowerBuoy deployed in the Adriatic Sea in partnership with Italian oil and gas company Eni SPA (NYSE:E) has produced more than one megawatt-hour of cumulative energy to date.

READ: Ocean Power Technologies tumbles after unveiling $15 million secondary offering

So far, the PowerBuoy has been deployed for six months off the coast of Italy, operating continuously without error while being controlled remotely at the company’s New Jersey facility, according to a statement from the Pennington-based company.

CEO Georg Kirby said the latest news from the Adriatic Sea make it “clear that the PB3 PowerBuoy is a valuable tool for a broad range of offshore oil and gas exploration and production operations, including charging of underwater unmanned vehicles, well monitoring, asset inspection, and decommissioning applications, and this project could lead to many new opportunities for our company going forward.”

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Quick facts: Ocean Power Technologies

Price: $1.61

Market: NASDAQ
Market Cap: $9.29 m
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