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. Its utility PowerBuoy system, which is designed to supply electricity to a local or regional electric power grid and its autonomous PowerBuoy system, which is designed to generate power for use independent of the power grid in remote locations. In March 2012, the Company's Australian subsidiary Ocean Power Technologies (Australasia) Pty Ltd acquired 100% ownership of Victorian Wave Partners from Leighton.