Ocean Power Technologies (OPT) took over 3Dent Technology, a Houston-based offshore power design and engineering services company.
Established in 2013, 3Dent Technology has built a multidisciplinary team comprised of engineers and naval architects to support the use and exploitation of oil and gas, offshore wind, among other industries.
From early stage innovation to detailed structural analysis.
Its services include hydrodynamic and structural application simulation engineering, conceptual design, software engineering and vessel monitoring for drilling contractors, construction yards, major oil companies, service companies and engineering firms.
Under the terms of the agreement, OPT agreed to pay 3Dent an amount of shares equal to $800,000 using the closing exercise price on December 11, 2020, the date the parties executed a non-binding letter of intent, equal to 361,991 shares of OPT common stock.
This being the first acquisition of OPT.
