Ocean Power Technologies was having trouble attracting U.S. financing for its wave-powered energy generators. That changed in April, when Banc of America Securities, Bear, Stearns & Co., and UBS Investment Bank raised $100 million for the Pennington, N.J., company. That month, Ocean Power listed on Nasdaq (ticker: OPTT). Ocean Power has secured enough financing to cover the commercialize its system, which consists of energy-generating buoys located two to three miles offshore that feed low-cost electricity into the grid through an underwater cable.
"I think some sophisticated investors were willing to invest millions because there's a great opportunity for this company," says founder George Taylor. "We seem to finally be at the right place at the right time." The company currently has $9 million worth of orders placed from private companies and government agencies located around the world.
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