Ocean Power Technologies: Alot Under the Water
by Debra Fiakas, CFA
After years of promises Ocean Power Technologies (OPTT: Nasdaq) is finally realizing revenue from its ocean wave power innovations. Sales in the quarter ending January 2020, was $725,000 - more than double the same quarter in the previous fiscal year. Driving the top-line is the sale of one of the company’s signature PowerBuoy ocean wave power generation system to Enel Group (ENEL: BIT; ESOCF: OTC), Italy’s premier energy company.
Some investors might find Enel an unlikely customer for a renewable energy device like the PowerBuoy. Designed to convert the mechanical energy in ocean waves to electrical energy, the PowerBuoy has been years under development. Ocean Power has long touted the potential in...
Oceanfront View On The Wave Industry
by Debra Fiakas, CFA
Renewable energy developer Eco Wave Power Ltd. is reportedly planning a public offering of its common stock in Sweden. From its base in Israel, the company has developed proprietary technology to capture the energy in ocean waves and turn it into electricity. Eco Wave has systems in place in Gibralar and the Jaffa Port of its home country. Its pipeline of proposed projects encircles the globe through the United Kingdom, Scotland, Mexico and China among other countries.
With a building list of potential customers, Eco Wave needs capital. Management has disclosed that the 100 kilowatt wave energy installation in Gibraltar required $450,000...
The Price Of Ocean Power
by Debra Fiakas CFA
For Ocean Power Technologies (OPTT: Nasdaq) the sea is more a utility than Whitman’s source of romantic miracles. The company has developed a wave turbine to capture the energy in ocean waves and turn it into electrical power. Last month the company was successful in convincing investors of the merits of its ‘ocean utility’ technology, raising $8.2 million through the sale of common stock.
Branded as the ‘PowerBuoy’, Ocean Power’s product line is headed by its PB3system that has the capacity to generate up to three kilowatts of peak power. An onboard power storage system has the capacity to store up...
Ocean Power’s Stock Offering
by Debra Fiakas CFA The first two lines of the prospectus for the April 2017 public stock offering by Ocean Power Technologies (OPTT: Nasdaq) say all investors need to know about the market opportunity for the company’s wave power generation products. First, the earth’s surface is covered 70% by water. Second, over 40% of the world’s population lives within 150 miles of a coastline. If the earth is dominated by water and a good share of our energy-hungry population lives near that water, doesn’t it make sense to turn the ocean into a renewable energy source? If...
Navy Buoys Up Ocean Power Tech
by Debra Fiakas CFA The last post, Grid Connected Ocean Power, highlighted the claim by the U.S. Navy of the first grid connected ocean power generator in the country. Two wave power systems have been connected to the electrical system at the U.S. Marine Base in Kanehoe Bay, Hawaii. The Navy is gathering performance data as part of its on-going program to support renewable energy to perfect system designs, installation strategies on-going maintenance. That is apparently not enough for the nation’s sailors. Last week the Navy announced an award of $250,000 to Ocean Power Technologies (OPTT: Nasdaq) to...
Grid Connected Ocean Power
by Debra Fiakas CFA The U.S. Navy is laying claim to the first electric grid connected wave power generator in the country. A test site has been set up near military facilities at Kaneohe Bay in the Hawaiian Islands, where wave activity is known to be exceptional. Yes, Hawaii is part of the United States. The project consists of two wave-power generation systems or ‘power buoys’ anchored about a half-mile off shore. The two buoys are connected by undersea cable to the Marine Corps base at Kaneohe and ultimately to Oahu’s electric power grid. The first of...
Offshore Wind Blows Into The US: Seven Stocks To Catch The Breeze
Tom Konrad CFA The Growth of Offshore Wind Offshore wind has finally gotten a toe hold in the United States. The United States' first offshore wind farm, the 30 megawatt (MW) Block Island Wind Farm, is under construction. A new project, the South Fork Wind Farm will be three times the size of Block Island (90 MW), is set to be approved by the Long Island Power Authority. This project will be located 30 miles East of Montauk, NY and Southeast of Block Island in a wind energy area designated by the federal Bureau of Ocean Energy...
Ocean Power Nets A Discerning Buyer
by Debra Fiakas CFA Earlier this week shares of Ocean Power Technologies (OPTT: Nasdaq) soared as the company announced its first commercial order for its PowerBuoy hydrokinetic devices. The order represents a modest $975,000 in potential revenue, but the customer, Mitsui Engineering and Shipbuilding Co. Ltd., provides extra value as a discerning buyer. PowerBuoys are built to capture the energy in ocean waves to drive an electrical generator. Power output can be delivered to nearby ocean or terrestrial installations. With worldwide interests in the numerous marine markets, Mitsui could develop into a large and long-standing customer. OPTT...
Three Marine and Hydrokinetic Stocks
by Debra Fiakas CFA Three public companies end our series on wave and tidal power development. Marine and HydroKinetic energy has only recently received enough interest from scientists and engineers to merit an acronym - MHK. It is an all-encompassing category, stretching across ocean tides and waves and reaching into the currents of inland rivers and straights. It is separated from hydropower, which involves the construction of dams to create elevation differences in water levels that can be used to turn turbines. Still this promising source of renewable energy is populated mostly by small, private companies...
The Choppy Waters Of Ocean Power Investing
by Debra Fiakas CFA The last post introduced Atlantis Resources Ltd. (ARL: LN), a developer of tidal power generation technologies. Atlantis has been working on a project called MeyGen ofthe coast of Scotland, which is to become the world’s largest tidal stream energy project. It is a distinctive location where tidal action reaches up to five meters per second. Atlantis will supply the underwater turbines for the 400-megawatt project, which has received regulatory consent. Atlantis is not the only tidal power developer to hear the call to the high seas off the coasts of Ireland and...
Atlantis Resources: Pure Play Ocean Power
by Debra Fiakas CFA Atlantis Resources Ltd. (ARL: LN) is among the most recent additions to the Ocean Group in Crystal Equity Research’s Earth, Wind and Fire Index of companies using the dynamic forces of the planet to generate energy. Atlantis is a developer of tidal power generation technologies. Atlantis has been working diligently for over a decade to developer underwater turbine technologies. A project in San Remo, Australia using the company’s Aquanator tidal current turbine was among the first in the world to deliver ‘ocean’ power to an established electric power grid. The Aquanator has since been...
Ocean Power Technologies Bobs Into The Big Apple
by Debra Fiakas CFA Mid-June 2015, Ocean Power Technologies (OPTT: Nasdaq) announced final permits had been secured to deploy one of its power buoys off the coast southeast of New York City. The company has lost no time in laying down mooring lines for the buoy. The next step is to watch the skies for the best weather conditions to deploy the buoy. Over the next year, Ocean Power will collect data the power buoy’s performance. Ocean Power Technologies is a developer of ocean wave energy technology. The company has been...
Three Stock Alerts: CREG, EFOI, OPTT
By Harris Roen Three volatile alternative energy stocks release earnings reports. Two of the stocks jump, one drops. China Recycling Energy Corp (CREG) More Info Latest earnings report for China Recycling Energy Corp shows a huge jump in revenues and net income. Insider selling, however, has led to stock losses. CREG is down 75% from where it was trading just this March. Seeking Alpha Energy Focus, Inc (EFOI) Profits...
Ocean Power Technologies Riding The Waves
by Debra Fiakas CFA Shares of Ocean Power Technologies (OPTT: Nasdaq) have traded off over the past two weeks, after setting a new 52-week high in early March 2013. Investors had bid the stock up in the weeks before the fiscal third quarter earnings announcement, but those gains almost have been erased. The new negative trend has put OPTT on our list of small-cap energy stocks sinking into oversold territory. Is the sell-off a chance to pick up shares of this ocean power developer at a bargain? A better question might be what was...
Incremental Advances in Wave Power Technology Not Enough to Temper OPT Q1 Losses
Marsha Johnston “We’re still at the point where the car industry was of not knowing whether the engine should be at the front or the back,” quips Christopher Barry, chair of the Ocean Energy Technical and Research panel at the Society of Naval Architects and Marine Engineers. “At least a dozen companies are looking into …with at least half a dozen main ideas for getting the energy out that are distinctly different and many variants on those themes. There are lots of opportunities and we don’t know which will be the winner.” In contrast, he notes, turbine...
Is Ocean Energy More Than “A Very Expensive Hobby”?
Jennifer Runyon Powerful Ocean Wave photo via Bigstock That was the question posed to industry experts at the EnergyOcean International conference and exhibition that took place in Danvers, Mass., this week. Referring to three levels of development Epoch 1, 2, and 3 Andrew Tyler, CEO of Marine Current Turbines (MCT), a company now owned by Siemens (SI), gave a few key pointers to companies interested getting beyond the “very expensive hobby” stage of ocean energy development. While his tongue-in-cheek...
