Ocean Power Technologies, Inc. is engaged in developing and commercializing systems that generate electricity by harnessing the renewable energy of ocean waves. The Company offers two types of products as part of the line of PowerBuoy systems, including a utility PowerBuoy system and an autonomous PowerBuoy system. The utility PowerBuoy system is capable of supplying electricity to a local or regional electric power grid. The autonomous PowerBuoy system is designed to generate power for use independent of the power grid in remote locations. The PowerBuoy system consists of a floating buoy-like device that is loosely moored to the seabed so that it can freely move up and down in response to the rising and falling of the waves, as well as a power take off device, an electrical generator, a power electronics system and control system, all of which are sealed in the unit.