Ocean Power Technologies, Inc. (OPT) has announced plans to relocate its corporate headquarters and manufacturing center to support increased operational needs and allow for projected growth over the next several years.
OPT’s new, larger facility in Monroe, N.J. will offer approximately 56,000 square feet of manufacturing and office space, nearly doubling the size of its current facility in Pennington, N.J.
OPT manufactures the PowerBuoy
, which uses ocean waves to provide electric power and communications for offshore applications.
“Our ability to deliver PowerBuoys to our customers is a critical factor in executing our commercialization strategy,” said OPT President and CEO, George H. Kirby. “We are seeing increasing interest for our PB3 PowerBuoy in specific applications, mainly around support for offshore oil and gas subsea operations and metocean applications, as well as within our other target markets.”
“Given the significant limitations of our current location, in combination with certain contractual opportunities with our current facility lease, we arrived at the strategic decision to relocate our corporate headquarters which allows us to dramatically expand our manufacturing capabilities,” Kirby continued. “We also believe that our new location will better position us to attract and retain critical talent as we continue to increase our sales, marketing, technical and operational expertise through new hires.”
Dr. Mike Mekhiche, Executive Vice President of Engineering and Operations, stated, “We believe this new facility will enable us to implement world class assembly and testing processes, emphasizing product quality and employee safety, while significantly increasing product through-put. We are planning to carry out the move in the latter part of this calendar year with minimal impact to business operations.”
“Our decision to relocate is integral to our overall business growth strategy,” Kirby said, “which focuses on increased operational efficiency, a nonnegotiable commitment to product quality and employee safety, and ensuring timely product delivery. With this move, we believe we’ll be poised to deliver on the great opportunities that we’re pursuing.”