Can PowerBuoy Platform Lift Ocean Power Technologies Inc (OPTT) Stock?

Ocean Power Technologies Inc (NYSEAMERICAN:OPTT) is one of the best green energy penny stocks to invest in. The Street expects the stock to climb more than 300% from its current level.

Can PowerBuoy Platform Lift Ocean Power Technologies Inc (OPTT) Stock?

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Ocean Power Technologies Inc (NYSEAMERICAN:OPTT) continues to see demand for its PowerBuoy platform as it also works to solve a major problem in its industry: offshore autonomy. On May 7, the company announced progress in its offshore charging and autonomous operations program.

It was able to successfully demonstrate a system that allows maritime drones to dock, recharge, and return to operations without manned support. With that, the system addressed a major limitation in offshore autonomy.

The company plans to integrate the autonomous docking and charging capability into its PowerBuoy platform. It said this would create offshore charging points capable of supporting extended, lower-cost operations at sea.

More customers are reaching Ocean Power Technologies for its PowerBuoy system, which provides power and communication solutions at sea. On April 13, Ocean Power Technologies announced the deployment of its first PowerBuoy system for the US Department of Homeland Security.

It deployed the system off the California coast to support maritime surveillance for the U.S. Coast Guard. Additional PowerBuoy systems are expected to be deployed under the DHS contract.

Ocean Power Technologies Inc (NYSEAMERICAN:OPTT) is a New Jersey-based renewable energy company serving the maritime sector. It converts ocean waves, wind, and solar energy into electric power for offshore applications. Through its PowerBuoy platform, the company provides power and communication solutions for offshore operations.

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