Ocean Power Technologies, Inc. has announced the completion of its initial public offering of 5,000,000 shares of its common stock in the United States at $20 per share. The Company raised an impressive $90.1 million after fees and expenses.

The shares sold in the offering are listed on The NASDAQ Global Market and OPT plans to apply for these shares to be listed on the AIM market of the London Stock Exchange.

The Company intends to use the net proceeds from this offering to, construct demonstration wave power stations. They also wish to continue the development and commercialization of their PowerBuoy systems, expanding the assembly, test and field service facilities.

Ocean Power Technologies, Inc. creates systems that generate electricity by harnessing the renewable energy of ocean waves. The Company’s PowerBuoy system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company’s proprietary technologies convert into electricity. A strong IPO like this could mean that wave energy is the next energy source just waiting to get into the game.