Business Context and Reporting Period
Company: Ocean Power Technologies, Inc. (OPTT)
Filing Type: Form 8-K (Current Report)
Date of Report: October 1, 2008
Reporting Period: Event-based report regarding a specific agreement entered into on October 1, 2008.
Key Financial Metrics
This filing does not contain standard financial statements (revenue, profit, cash flow, margins, debt, or liquidity). The primary financial metric disclosed is:
- Grant Amount: Eligible to receive up to US$2.0 million under a Financial Assistance Award from the US Department of Energy (DoE).
- Project Scope: Funding supports the fabrication, assembly, and factory testing of a 150 kilowatt-rated PB150 PowerBuoy for the Reedsport, Oregon site.
Material Changes
The filing reports the entry into a Material Definitive Agreement with the US Department of Energy. This represents a new source of non-dilutive funding for the company's wave power project. No comparative financial data or changes from prior periods are provided in this document.
Guidance, Outlook, and Risks
- Outlook: The PowerBuoy system funded by this award is expected to be ready for deployment in the second half of 2009.
- Management Commentary: The agreement supports the Reedsport, Oregon wave power project.
- Contingencies: The full text of the Financial Assistance Award agreement, which contains specific terms and conditions, is not included in this filing but will be filed as an exhibit to the next Form 10-Q for the period ended October 31, 2008.
Investor Verification Checklist
- Verify the specific terms, milestones, and repayment obligations (if any) in the full Financial Assistance Award agreement to be filed in the upcoming 10-Q.
- Confirm the timeline for the deployment of the PB150 PowerBuoy in the second half of 2009.
- Review the press release (Exhibit 99.1) for additional details on the DoE partnership.