Ocean Power Technologies, Inc. develops and is commercializing systems that generate electricity by harnessing the renewable energy of ocean waves. The Company's PowerBuoy systems use technologies to convert the mechanical energy created by the rising and falling of ocean waves into electricity. The Company offers two PowerBuoy products, which consist of its utility PowerBuoy system and its autonomous PowerBuoy system. The Company�s utility PowerBuoy system, which is designed to supply electricity to a local or regional electric power grid, and the Company�s autonomous PowerBuoy system, which is designed to generate power for use independent of the power grid in remote locations.