Ocean Power Technologies Inc., the Monroe Township-based ocean energy solutions business, has acquired a Texas-based offshore energy engineering firm for approximately $800,000 in stock, it announced Tuesday.
The company said in a news release that the deal for Houston-based 3Dent Technology LLC represents its first acquisition, and brings in additional revenue from 3Dent’s established project and customer base, plus expanding OPT’s ability to provide solutions to customers in offshore markets including wind, as well as oil and gas.
“The 3Dent Technology acquisition is an important first step within our long-term growth strategy to expand our market value proposition while building OPT’s revenue,” CEO and President George H. Kirby said in a prepared statement. “3Dent brings significant expertise in offshore engineering to OPT and our customers by providing complete project lifecycle engineering services.”
Read more from ROI-NJ:
- Second wave: Ocean Power Technologies’ power-grid plan sank, but it grabbed life preserver by switching focus to niche offshore systems
3Dent will remain under its current brand name, as a wholly owned subsidiary of OPT. It provides engineering and architectural services for offshore industries, from early stage innovation to structural analysis.
“Together, we believe that we can accelerate the growth of our offshore engineering services while solidifying and expanding OPT’s position as an offshore energy solution provider,” Jose Vazquez, 3Dent’s co-founder and president, said in a statement.
Under the terms of the deal, OPT will pay 3Dent stock equal to $800,000, using the closing price on Dec. 11, the date of a nonbinding letter of intent. That equals nearly 362,000 shares of OPT common stock, the company said.