By early afternoon, shares of the microcap have added 24.6% to $4.40. Trading volume of 18.2 million is more than 12 times its three-month average daily volume.
The project will be developed off the coast of Victoria, Australia and upon its completion as early as 2018 will produce enough power for 10,000 homes.The project will use Ocean Power's technology which converts wave energy into clean energy via the bobbing movement of a buoy. The mechanical energy produced drives an electrical generator, which transmits power through an underwater cable. OPTT data by YCharts