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 utility scale PowerBuoy system is designed to transmit electricity to shore by an underwater power cable. It is designed to be positioned in water with a depth of 100 to 300 feet, which can usually be found one to five miles offshore. The autonomous PowerBuoy system is designed for persistent electricity generation of relatively low amounts of continuous power for use independent of the power grid, in remote deep-ocean locations.