Ocean Power Technologies (OPT), a US-based wave energy developer, has closed its common stock offering securing approximately $6.9 million.
The share offering, launched last week, resulted in the sale of 2,760,000 shares of common stock at a price of $2.75 per share, including the sale of 360,000 additional shares.
OPT plans to use the net proceeds from this offering for general corporate purposes, which may include additional development, testing and demonstrations of its PowerBuoy system with the goal of accelerating its commercialization efforts and expanding its sales and marketing functions, the company informed.
To remind, OPT recently completed the stage gate review of its PB3 PowerBuoy clearing the way for its delivery to Mitsui Engineering and Shipbuilding.
The buoy will be subsequently deployed off Japan for a six-month period.