Ocean Power Technologies Acquires 3Dent Technology, LLC
February 02 2021 - 9:00AM
Ocean Power Technologies, Inc. ("OPT" or "the Company")
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced the acquisition of 3Dent
Technology, LLC ("3Dent"), an offshore energy engineering and
design services company based in Houston, Texas. OPT’s first
acquisition brings additional revenue from 3Dent’s established
project and customer base. 3Dent’s complementary services expand
OPT’s ability to provide comprehensive solutions to customers
operating in rapidly evolving markets such as offshore wind and
offshore oil and gas. 3Dent Technology will operate under its
current brand name as a wholly owned subsidiary of Ocean Power
Technologies, Inc.
Established in 2013, 3Dent Technology has built a dedicated team
of engineers and naval architects to support oil and gas, offshore
wind, and other industries, from early-stage innovation to detailed
structural analysis. Their services include simulation engineering
of hydrodynamic and structural applications, concept design,
software engineering, and vessel monitoring for drilling
contractors, construction yards, major oil companies, service
companies, and engineering firms.
"The 3Dent Technology acquisition is an important first step
within our long-term growth strategy to expand our market value
proposition while building OPT’s revenue," said George H. Kirby,
President and CEO of OPT. "3Dent brings significant expertise in
offshore engineering to OPT and our customers by providing complete
project lifecycle engineering services, from concept through
installation to decommissioning, including early-stage feasibility
and design. Together, we are well-positioned to bring added value
to our customers while expanding into new markets such as ocean
renewables."
"We believe that we have been very successful in providing
creative and technically sound problem-solving expertise to the
offshore industry, and OPT’s commercial experience and technology
align well with our expertise. Together we believe that we can
accelerate the growth of our offshore engineering services while
solidifying and expanding OPT’s position as an offshore energy
solution provider," said Dr. Jose Vazquez, Co-Founder and President
of 3Dent Technology. "We are very excited to capitalize on our
shared focus and vision to become an integral part of OPT’s
long-term growth strategy."
Under the terms of the deal, OPT agreed to pay 3Dent an amount
of stock equal to $800,000 using the closing strike price on
December 11, 2020 – the date that the parties executed a
non-binding letter of intent -- equating to 361,991 shares of OPT
common stock.
About 3Dent TechnologyHouston, Texas-based
3Dent Technology is a wholly owned subsidiary of Ocean Power
Technologies. 3Dent’s engineers and naval architects are uniquely
suited for high-level offshore engineering, providing consulting
engineering and design services to drilling contractors, defense
contractors, construction yards, engineering firms, and oil and
gas, offshore wind, wave energy, and marine construction and
service companies. To learn more, visit www.3DentTech.com.
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative, and cost-effective ocean energy
solutions. Its PowerBuoy® solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.OceanPowerTechnologies.com.
Forward-Looking StatementsThis release may
contain forward-looking statements that are within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by certain words or
phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions
or variations of such expressions. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance. These forward-looking statements rely on a number
of assumptions and estimates which could be inaccurate and which
are subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's most recent Forms 10-Q and 10-K and subsequent filings
with the U.S. Securities and Exchange Commission for a further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
in order to reflect events or circumstances after the date of this
release.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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