Wave energy company Ocean Power Technologies (OPT) has completed the relocation of its corporate headquarters and manufacturing operations in New Jersey.
The expanded facility is located in Monroe, approximately 40 miles southwest of New York City.
It offers around 56,000 square feet of manufacturing and office space, nearly doubling the size of its previous facility, OPT said earlier.
The larger space is expected to support the company’s increased operational needs and future growth, according to George Kirby, President and CEO of OPT.
Kirby said: “[The new location] enhances our manufacturing capabilities and advances our safety and quality programs. It also provides us the ability to scale the business by continuing to grow our manufacturing, sales and marketing teams to drive business development.
“The move to the new location is an important step for our company, our customers and our employees, and it has come at the right time to address what we believe is increased demand for our products and services. This new campus will allow for manufacturing of multiple buoys in a highly technical space.”
OPT has developed and is seeking to commercialize its proprietary PowerBuoy technology, which is based on a modular design and has undergone periodic ocean testing since 1997.
The PowerBuoy can act as both power and communication platform for remote offshore applications.