Ocean Power Technologies (OPT) has executed a new purchase agreement with Aspire Capital sell up to $10 million in common stock to over a term of 30 months.
Proceeds will be used by OPT to build additional PB3 PowerBuoys to meet potential market demand, to further advance the development of new products, and for other general corporate purposes.
“We are excited to renew our partnership with Aspire Capital and the flexibility to potentially access capital on a cost-effective basis,” said George H. Kirby, president and CEO of Ocean Power Technologies. “By focusing on lowering costs to obtain working capital, we believe this agreement allows the company to receive a higher value return for funding to meet our projected sales growth and our continued innovations in providing ocean power.”
Ocean Power Technologies will control the timing and amount of any sales to Aspire Capital based on market price at the time of each sale.