Pennington, N.J.
oceanpowertechnologies.com
In a time when many businesses are happy to be breaking even, publicly-traded Ocean Power Technologies (Nasdaq: OPTT) has seen a tidal wave of growth. After raising $100 million to commercialize its "PowerBuoys," the company scored three lucrative contracts in the last year, off the coasts of Spain, New Jersey and Hawaii.
The buoys, which harness energy from the bobbing motion of the waves, are now feeding electricity to Spanish and Hawaiian electric grids. Off the East Coast, they are being used as a security system, powering homeland security sonar and radars that monitor the waters for the U.S. Navy.
"As the auto industry gets smaller, the renewable energy sector is creating jobs because there is so much opportunity to expand," says CEO George Taylor. Last year the company had 30 employees. Today, Taylor estimates headcount is closer to 50. - Emily Maltby
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