Ocean Power Technologies completes public offering

Ocean Power Technologies Inc. announced May 1 it completed its initial public offering of 5 million shares of common stock priced at $20 each.

The company said it received net proceeds from the offering of about $90.1 million, after payment of underwriting discounts and commissions, and estimated offering expenses. (HNN 4/26/07)

OPT develops and commercializes proprietary systems that generate electricity from ocean waves. The company is involved in plans for the 50-MW Reedsport OPT Wave Park (No. 12713), which it is developing with Pacific Northwest Generating Cooperative in the Pacific Ocean off the coast of Oregon, and a 150-kW project in Scotland’s Orkney Islands. (HNN 2/22/07)

UBS Investment Bank, Banc of America Securities LLC, and Bear, Stearns &Co. Inc. served as underwriters for the offering, which First Albany Capital Inc. helped manage. Shares in the offering were listed on the Nasdaq Global Market. OPT also plans to apply for shares to be listed on the London Stock Exchange.

OPT said it intends to use proceeds from the U.S. offering to construct demonstration wave power stations. Proceeds also will be used to fund: minority investment in OPT wave station projects; continued development and commercialization of PowerBuoy systems; and expansion of assembly, test, and field service facilities. Proceeds also will be used to expand international sales and marketing capabilities, and provide capital and funding for other general corporate purposes.

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