Ocean Power Technologies, Inc. (OPT) is developing and seeking to commercialize systems that generate electricity by harnessing the renewable energy of ocean waves. The Company's PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. OPT's PowerBuoy system is based on modular, ocean-going buoys. The rising and falling of the waves moves the buoy-like structure, creating mechanical energy that the Company's technologies convert into electricity. The Company is engaged in two types of manufacturing activities: the manufacturing of the power take-off (PTO) components, for systems control, power generation and power conversion for each PowerBuoy, and contracting with outside companies for the fabrication of the buoy structure, anchoring, mooring, and cabling.