Ocean Power Technologies has announced its results for the year ending April 30, 2007 and the results were not as positive as expected considering the good news which the company has announced over the last year. The company which is based out of the United States has seen losses rise by 35 percent to $9.6 million USD.
This despite being able to announce deals with the United States Navy and Iberdrola in Spain and a $90 million USD stock issue on the NASDAQ exchange. The company was also able to sign a demonstration contract for a 2 MW plant in Oregon alongside of an option to expand the project to 250 MW should the project be successful and a full three wave parks be built. Scotland which has seen some of the largest developments over the past year also saw the Scottish Executive sign a contract for OPT to deploy its PowerBuoy system off of the Orkney Islands.
At current the stock price sits at around $14 USD compared to a initial offering of nearly $25 USD earlier in the year. It is hoped that new contracts could soon mean more cash lifting up the company stock price.
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