Alternative energy investment typically focuses on high-profile industries like solar and wind. Ocean wave power is another alternative, and it’s a fully renewable option. Ocean Power Technologies Inc. (NASDAQ: OPTT) develops systems for ocean wave electrical generation in the United States, Canada, Europe, Asia, and Australia.
With advanced proprietary technology, Ocean Power Technologies is competitive in its market. Over three fiscal years, the company has significantly increased its revenue from $511,000 in 2018, to $1.68 million in 2020. The company is steadily moving towards profitability. In the 2020 fiscal year, gross income increased by 84.35%, for a gross margin of -6.24%.
Ocean Power is focused on smaller-scale electricity generation for private entities, particularly in the offshore segment. Its innovative PowerBuoy generators and subsea battery systems are ideal for affordable electricity generation on rigs and other offshore structures. By operating in a highly focused niche, Ocean Wave faces limited competition.
The stock is priced below $3 today and it’s a strong long-term pick for investors who believe in a renewable energy future. For a bargain portfolio, it’s one of the best renewable energy stocks today.
- 1 Year Price Growth: 21%
- YTD Price Growth: 72%
- 3 Month Price Growth: 97%
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