SBIR active at some level since the firm was very early-stage and still now currently program involved. With ocean installations off the coasts of three continents, the firm has demonstrated the PowerBuoys ability to capture wave energy, convert it into electricity and survive a wide range of wave conditions including hurricanes and tsunamis. Ocean Power Technologies (OPT) is now a US publicly traded renewable energy company structured around providing electric power and communications solutions, services and related for remote offshore applications. Theoretically scalable to hundreds of megawatts, the firm's PowerBuoy wave energy conversion technology and the generated energy from wave power can be supplied to the grid via submarine cables.Various projects have been undertaken around the world including several large PowerBuoy projects, including a very large Australian project with Lockheed Martin from 20122014, when they determined that "the project wasnt 'commercially viable,' and managementchanged its strategy. The firm has subsequently commercialized the technology by providing power and communications to remote sites such as offshore oil fields. Ocean Power Technologies Australasia Pty Ltd, OPTA is an Australian-owned subsidiary of Ocean Power Technologies Inc (OPT), previously engaged in wave power projects in Australia. Ocean Power Technologies Limited is the UK-based wholly owned subsidiary.
