US-based marine energy company Ocean Power Technologies (OPT) has acquired an offshore energy engineering and design services company 3Dent Technology.
OPT’s first acquisition brings additional revenue from 3Dent’s established project and customer base, the company said.
3Dent’s complementary services are expected to expand OPT’s ability to provide comprehensive solutions to customers operating in rapidly evolving markets such as offshore wind and offshore oil and gas.
3Dent Technology will operate under its current brand name as a wholly owned subsidiary of OPT. Its services include simulation engineering of hydrodynamic and structural applications, concept design, software engineering, and vessel monitoring for drilling contractors, construction yards, major oil companies, service companies, and engineering firms.
George H. Kirby , President and CEO of OPT, said: “The 3Dent Technology acquisition is an important first step within our long-term growth strategy to expand our market value proposition while building OPT’s revenue.
“3Dent brings significant expertise in offshore engineering to OPT and our customers by providing complete project lifecycle engineering services, from concept through installation to decommissioning, including early-stage feasibility and design. Together, we are well-positioned to bring added value to our customers while expanding into new markets such as ocean renewables”.
Under the terms of the deal, OPT agreed to pay 3Dent an amount of stock equal to $800,000 using the closing strike price on December 11, 2020 – the date that the parties executed a non-binding letter of intent — equating to 361,991 shares of OPT common stock.
“We believe that we have been very successful in providing creative and technically sound problem-solving expertise to the offshore industry, and OPT’s commercial experience and technology align well with our expertise. Together we believe that we can accelerate the growth of our offshore engineering services while solidifying and expanding OPT’s position as an offshore energy solution provider,” said Jose Vazquez , Co-Founder and President of 3Dent Technology.