Ocean Power Technologies Inc. climbed to a 19-month high after installing its first power-generating buoy designed for commercial use, off the coast of New Jersey.
Ocean Power gained 75 percent to $8.29 at the close in New York, the highest since December 2014. The shares rose 61 percent Thursday after announcing the deployment of its PB3 PowerBuoy.
Chief Executive Officer George Kirby said the deployment will demonstrate the commercial potential of the technology for potential applications including powering ocean monitoring stations, offshore oil and natural gas operations, defense and communications systems. “This deployment represents a major milestone in our commercialization strategy,” Kirby said in a statement.
Ocean Power’s PB3 PowerBuoy generates as much as 15 kilowatts of electricity through a mechanical process as passing waves push the tethered floating device up and down. Batteries can store as much as 250 kilowatt-hours of energy for use during becalmed seas. The device is about 14 meters (46 feet) long and can be installed in water as deep as 1,000 meters.
The Pennington, New Jersey-based company expects to deliver its first product to an unidentified customer under a lease agreement in March.