The Board of Directors at Ocean Power Technologies is looking a little different after its October 4th Annual Meeting of Stockholders. The company announced that Mr. Terence J. Cryan was elected to the board, while Mr. Thomas J. Meaney retired from the board on the same date.
Headquartered in Pennington, NJ, Ocean Power Technologies is a wave-energy technology company that focuses on harnessing ocean wave resources. Through this, the company aims to generate reliable, clean, and environmentally friendly electricity. Ocean Power is recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from 15 years of in-ocean experience. Aside from its New Jersey headquarters, the company has an office in Warwick, UK, and operations in Melbourne and Perth, Australia.
Mr. Cryan is the co-founder and a managing director at Concert Energy Partners, a New York-based private equity investment firm. At Concert, he has been instrumental in selecting and managing a number of investments with early stage development companies in the renewable energy sectors.
Before Concert, Mr. Cryan was president and CEO at Medical Acoustics LLC, a start-up medical device technology company in Buffalo, NY. Mr. Cryan has also held a number of senior positions within energy investment banking at top-tier firms including Bear Stearns and PaineWebber, and also serves on the boards of several public and private companies.
The Board at Ocean Power Technologies selected Mr. Cryan due to his extensive experience in the energy sector, especially in regards to working with organizations to commercialize new technologies. As the company prepares for doing business in 2013, Mr. Cryan's background and experiences will help the company navigate the technological and financial aspects of all its new business.
Charles F. Dunleavy, Ocean Power's CEO, remarked, "We look forward to working with Terry on many exciting initiatives and also wish Tom Meaney well in his future endeavors. We greatly appreciate his years of service on the Company's Board of Directors."
To learn more about the company, visit www.oceanpowertechnologies.com
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