Ocean Power Technologies sells its common shares to Aspire

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Ocean Power Technologies, Inc. (OPT) has executed a new Common Stock Purchase Agreement with Aspire Capital Fund, LLC to sell up to US$12.5 million in common stock to Aspire Capital over a term of 30 months.

Proceeds of the transaction will be used by OPT to build additional PowerBuoys® as needed to meet potential market demand, to further advance the development of new products and solutions, and for other general corporate purposes.

Headquartered in Monroe Township, New Jersey, the OPT offers 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.

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