Ocean Power Technologies: Alot Under the Water
by Debra Fiakas, CFA
After years of promises Ocean Power Technologies (OPTT: Nasdaq) is finally realizing revenue from its ocean wave power innovations. Sales in the quarter ending January 2020, was $725,000 - more than double the same quarter in the previous fiscal year. Driving the top-line is the sale of one of the company’s signature PowerBuoy ocean wave power generation system to Enel Group (ENEL: BIT; ESOCF: OTC), Italy’s premier energy company.
Some investors might find Enel an unlikely customer for a renewable energy device like the PowerBuoy. Designed to convert the mechanical energy in ocean waves to electrical energy, the PowerBuoy has been years under development. Ocean Power has long touted the potential in...
Three Stock Alerts: CREG, EFOI, OPTT
By Harris Roen Three volatile alternative energy stocks release earnings reports. Two of the stocks jump, one drops. China Recycling Energy Corp (CREG) More Info Latest earnings report for China Recycling Energy Corp shows a huge jump in revenues and net income. Insider selling, however, has led to stock losses. CREG is down 75% from where it was trading just this March. Seeking Alpha Energy Focus, Inc (EFOI) Profits...
Grid Connected Ocean Power
by Debra Fiakas CFA The U.S. Navy is laying claim to the first electric grid connected wave power generator in the country. A test site has been set up near military facilities at Kaneohe Bay in the Hawaiian Islands, where wave activity is known to be exceptional. Yes, Hawaii is part of the United States. The project consists of two wave-power generation systems or ‘power buoys’ anchored about a half-mile off shore. The two buoys are connected by undersea cable to the Marine Corps base at Kaneohe and ultimately to Oahu’s electric power grid. The first of...
Is Ocean Energy More Than “A Very Expensive Hobby”?
Jennifer Runyon Powerful Ocean Wave photo via Bigstock That was the question posed to industry experts at the EnergyOcean International conference and exhibition that took place in Danvers, Mass., this week. Referring to three levels of development Epoch 1, 2, and 3 Andrew Tyler, CEO of Marine Current Turbines (MCT), a company now owned by Siemens (SI), gave a few key pointers to companies interested getting beyond the “very expensive hobby” stage of ocean energy development. While his tongue-in-cheek...
Ocean Power Technologies Bobs Into The Big Apple
by Debra Fiakas CFA Mid-June 2015, Ocean Power Technologies (OPTT: Nasdaq) announced final permits had been secured to deploy one of its power buoys off the coast southeast of New York City. The company has lost no time in laying down mooring lines for the buoy. The next step is to watch the skies for the best weather conditions to deploy the buoy. Over the next year, Ocean Power will collect data the power buoy’s performance. Ocean Power Technologies is a developer of ocean wave energy technology. The company has been...
Navy Buoys Up Ocean Power Tech
by Debra Fiakas CFA The last post, Grid Connected Ocean Power, highlighted the claim by the U.S. Navy of the first grid connected ocean power generator in the country. Two wave power systems have been connected to the electrical system at the U.S. Marine Base in Kanehoe Bay, Hawaii. The Navy is gathering performance data as part of its on-going program to support renewable energy to perfect system designs, installation strategies on-going maintenance. That is apparently not enough for the nation’s sailors. Last week the Navy announced an award of $250,000 to Ocean Power Technologies (OPTT: Nasdaq) to...
Incremental Advances in Wave Power Technology Not Enough to Temper OPT Q1 Losses
Marsha Johnston “We’re still at the point where the car industry was of not knowing whether the engine should be at the front or the back,” quips Christopher Barry, chair of the Ocean Energy Technical and Research panel at the Society of Naval Architects and Marine Engineers. “At least a dozen companies are looking into …with at least half a dozen main ideas for getting the energy out that are distinctly different and many variants on those themes. There are lots of opportunities and we don’t know which will be the winner.” In contrast, he notes, turbine...
Ocean Power’s Stock Offering
by Debra Fiakas CFA The first two lines of the prospectus for the April 2017 public stock offering by Ocean Power Technologies (OPTT: Nasdaq) say all investors need to know about the market opportunity for the company’s wave power generation products. First, the earth’s surface is covered 70% by water. Second, over 40% of the world’s population lives within 150 miles of a coastline. If the earth is dominated by water and a good share of our energy-hungry population lives near that water, doesn’t it make sense to turn the ocean into a renewable energy source? If...
Ocean Power Technologies Deploying Wave Power Device
by Donna Salmons When we think of the ocean, it is often in the context of romantic travel and sand filled beaches. But the ocean, or more exactly the waves from the ocean, may soon be a source of power that a wave power device uses to create energy. At least that is the plan from Ocean Power Technologies . The Oregon Coast Project OPTT is planning to deploy its PowerBuoy project in 2011. The 150KW device, known as the PB150, is slated to be launched off the coast of Reedsport, Oregon....
Ocean Power Technologies Riding The Waves
by Debra Fiakas CFA Shares of Ocean Power Technologies (OPTT: Nasdaq) have traded off over the past two weeks, after setting a new 52-week high in early March 2013. Investors had bid the stock up in the weeks before the fiscal third quarter earnings announcement, but those gains almost have been erased. The new negative trend has put OPTT on our list of small-cap energy stocks sinking into oversold territory. Is the sell-off a chance to pick up shares of this ocean power developer at a bargain? A better question might be what was...
Atlantis Resources: Pure Play Ocean Power
by Debra Fiakas CFA Atlantis Resources Ltd. (ARL: LN) is among the most recent additions to the Ocean Group in Crystal Equity Research’s Earth, Wind and Fire Index of companies using the dynamic forces of the planet to generate energy. Atlantis is a developer of tidal power generation technologies. Atlantis has been working diligently for over a decade to developer underwater turbine technologies. A project in San Remo, Australia using the company’s Aquanator tidal current turbine was among the first in the world to deliver ‘ocean’ power to an established electric power grid. The Aquanator has since been...
Ocean Power Nets A Discerning Buyer
by Debra Fiakas CFA Earlier this week shares of Ocean Power Technologies (OPTT: Nasdaq) soared as the company announced its first commercial order for its PowerBuoy hydrokinetic devices. The order represents a modest $975,000 in potential revenue, but the customer, Mitsui Engineering and Shipbuilding Co. Ltd., provides extra value as a discerning buyer. PowerBuoys are built to capture the energy in ocean waves to drive an electrical generator. Power output can be delivered to nearby ocean or terrestrial installations. With worldwide interests in the numerous marine markets, Mitsui could develop into a large and long-standing customer. OPTT...
Three Marine and Hydrokinetic Stocks
by Debra Fiakas CFA Three public companies end our series on wave and tidal power development. Marine and HydroKinetic energy has only recently received enough interest from scientists and engineers to merit an acronym - MHK. It is an all-encompassing category, stretching across ocean tides and waves and reaching into the currents of inland rivers and straights. It is separated from hydropower, which involves the construction of dams to create elevation differences in water levels that can be used to turn turbines. Still this promising source of renewable energy is populated mostly by small, private companies...
If I Could Own Only One Alternative Energy Stock, It Would Be . ....
Bill Paul My friend Consuelo Mack, host of "Consuelo Mack's Wealthtrack" on PBS TV, asks her guests for their "one investment pick." What's my one alternative energy stock pick? A year ago on Consuelo's show, I recommended LED lighting developer Cree Inc. (Symbol CREE), because the LED lighting market (part of the burgeoning energy efficiency sector) is expected to hit upwards of $5 billion by 2013 v. $600 million in 2008, according to investment banking firm Merriman, Curhan, Ford, and because Cree was then an attractive takeover candidate. It still is; however, since the stock has since risen something...
#2 Finavera Renewables (TSX:FVR or FNVRF.PK)
When I first got wind (no pun intended) of Finavera Renewables (TSX:FVR or FNVRF.PK), I did not make too much of it because my view was that commercial exploitation of wave power - which is the banner under which Finavera has decided to promote itself to the investor community - was a few years away at best. Then, upon hearing that the company had managed to get a prototype in the water (PDF document), I decided to do a bit more digging. After all, if the technology worked, the economics of the business model would closely resemble those...
Offshore Wind Blows Into The US: Seven Stocks To Catch The Breeze
Tom Konrad CFA The Growth of Offshore Wind Offshore wind has finally gotten a toe hold in the United States. The United States' first offshore wind farm, the 30 megawatt (MW) Block Island Wind Farm, is under construction. A new project, the South Fork Wind Farm will be three times the size of Block Island (90 MW), is set to be approved by the Long Island Power Authority. This project will be located 30 miles East of Montauk, NY and Southeast of Block Island in a wind energy area designated by the federal Bureau of Ocean Energy...
