Benzinga | Feb 2, 2021 09:07AM EST

Ocean Power Technologies Acquires 3Dent Technology, Co. Agreed To Pay 3Dent An Amount Of Stock Equal To $800K

MONROE TOWNSHIP, N.J., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NASDAQ:OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced the acquisition of 3Dent Technology, LLC ("3Dent"), an offshore energy engineering and design services company based in Houston, Texas. OPT's first acquisition brings additional revenue from 3Dent's established project and customer base. 3Dent's complementary services expand OPT's ability to provide comprehensive solutions to customers operating in rapidly evolving markets such as offshore wind and offshore oil and gas. 3Dent Technology will operate under its current brand name as a wholly owned subsidiary of Ocean Power Technologies, Inc.