OPTT Stock Flies 40% After Deploying PB3 PowerBuoy for North Sea

OPTT stock

OPTT stock is one the biggest gainers in Friday’s session after Ocean Power Technologies Inc (NASDAQ:OPTT) successfully deployed a PB3 PowerBuoy in the North Sea for customer Premier Oil (OTCPK:PMOIF).

Major Development

American renewable energy company, Ocean Power Technologies, which also provides services and equipment meant for energy extraction from ocean waves, has been on a tear this morning. The company made a major announcement, and soon enough OPTT stock started soaring. Ocean Power Tech stock rose by a staggering 40% in morning trade after it announced that the company had been successful in deploying the PB3 PowerBuoy in the North Sea. The company works in the North Sea for its big-ticket client Premier Oil, and the whole thing has been set up at the Huntington field that is owned by the oil company.

According to the statement by the company, the deployment of the PB3 PowerBuoy will work as a platform, which would be autonomous in nature and at the same time, it will provide the monitoring entities with communications.

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OPTT stock is up 45% at $2.35.

In addition to that, the PowerBuoy will also help in monitoring the oil field from afar. This is a major deal for Ocean Power Technologies and is part of a deal that is currently capped at a nine-month lease. That being said, it will be allowed to run the distance, only if certain targets are met in the initial three months. There is also the option to extend the arrangement if the results are satisfactory.

The Chief Executive Officer and President of Ocean Power Technologies, George H. Kirby, spoke about the deployment in the company’s press release. He said, “This deployment is the culmination of the tremendous effort and dedication of the entire OPT team in close collaboration with Premier. The process of deployment went very smoothly.”

It goes without saying that it is a major milestone for the company and one that could lead to more business in the years to come. At the same time, it must be said that the first three months of the project are going to be critical if it is to become a long-term success.

However, despite today’s rally, OPTT stock is still down 70% so far in 2019.

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Featured image: DepositPhotos © karelstudio

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