Ocean Power Technologies Inc. (OPT), an ocean energy solutions provider, has acquired 3Dent Technology LLC, a Houston-based offshore energy engineering and design services company.
OPT’s first acquisition brings additional revenue from 3Dent’s established project and customer base. 3Dent’s services expand OPT’s ability to provide solutions to customers operating in rapidly evolving markets such as offshore wind. 3Dent Technology will operate under its current brand name as a wholly owned subsidiary of OPT.
Established in 2013, 3Dent Technology has built a team of engineers and naval architects to support offshore wind development from early-stage innovation to detailed structural analysis. Their services include simulation engineering of hydrodynamic and structural applications, concept design, software engineering and vessel monitoring for drilling contractors, construction yards, service companies and engineering firms.
“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,” says George H. Kirby, president and CEO of OPT. “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.”
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 Dec. 11, 2020 – the date that the parties executed a non-binding letter of intent.