Ocean Power Technologies (NASDAQ: OPTT) (“OPT”) and HAI Technologies Corp. this morning announced they will seek mutual opportunities through a joint applications development and marketing agreement, initially concentrating on offshore oil and gas subsea chemical injection systems. Under the agreement, HAI Technologies’ advanced chemical injection solutions will be combined with OPT’s PB3 PowerBuoy® to generate new methods for long distance and remote offshore field developments. Shares of OPT are up 14% following the news. “We are excited to join efforts with such an innovative company as HAI Technologies. Chemical injection systems require persistent and reliable power, and we believe OPT’s PB3 PowerBuoy® can provide prime and augmented power and real-time system control communications which may enable the cost reduction and simplification of transporting chemicals over long distances. Our PowerBuoy compliments HAI’s modular approach to chemical injection systems by providing cost-effective and persistent power and communications. We are seeing a demand for innovative, cost saving technologies in the offshore oil and gas industry, and we believe that HAI Technologies’ innovative chemical injection capabilities, in combination with OPT’s PowerBuoy, will enable our customers to overcome technical hurdles and to deliver significant savings to their operations,” stated George Kirby, OPT’s CEO in the news release.
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About Ocean Power Technologies, Inc.
Headquartered in Pennington, New Jersey, Ocean Power Technologies (NASDAQ:OPTT) is engaged in ocean wave energy conversion. OPT’s proprietary PowerBuoy® technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology. For more information, visit www.oceanpowertechnologies.com
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