Partnership Announcement Causes Massive Pre-Market Buying Pressure

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, July 2, 2024

A New Jersey-based industrials company that has a focus in renewable wave-energy is turning heads so far during Tuesday’s premarket after the company announced that is has partnered with Unique Group for autonomous vehicle services in the Middle East.

Traders were excited on the news as they were quick to snatch up share of Ocean Power Technologies Inc. (NYSE American:OPTT), with shares of this micro cap currently bid up at $0.4674/share (+69.23% implied open for sellers) at the time of writing. It should be an exciting session for this stock!

Ocean Power Technologies Inc is a renewable wave-energy technology company, which is engaged in developing systems that generate electricity by harnessing the renewable energy of ocean waves. It offers the PowerBuoy technology which integrates with hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. Geographically, it derives a majority of revenue from North America and also has a presence in Europe and Asia and Australia.

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