Photo: OPT's PowerBuoy (Photo: OPT)

SEC sees no need for enforcement action against OPT

Wave energy company Ocean Power Technologies (OPT) has come step closer to resolving legacy issues with the conclusion of a US Securities and Exchange Commission (SEC) investigation.

Namely, the staff of the SEC’s Division of Enforcement informed OPT on April 30, 2018, that the investigation of the company was concluded and that they do not intend to recommend the enforcement action against it, the New Jersey-based developer said.

The investigation was related to a project that was terminated in July 2014 and a public offering that was conducted in April 2014.

The goal of the terminated project between Victorian Wave Partners (VWP) and the Australian Renewable Energy Agency (ARENA) was to develop a wave power station.

George Kirby, President and Chief Executive Officer of OPT, said: “The resolution of the SEC investigation is one of the final steps in OPT’s efforts to favorably resolve legacy issues. The Company is well-positioned for future growth and can focus its efforts on scaling up the business to meet future demand and customer needs.”

The SEC investigation lasted for three years, with full cooperation of OPT, the company said.