Ocean Power Technologies, Inc. develops and commercializes systems that generate electricity from ocean waves. They offer the PB3 PowerBuoy system for offshore locations, as well as hybrid PowerBuoy products, subsea battery systems, and software and installation services. They also provide offshore power and communications for various industries, including defense, oil and gas, and wind. Additionally, they offer Wave Adaptive Modular Vessel technology, leasing services, and consulting. The company was founded in 1984 and is based in New Jersey.