U.S. primarily based ocean power expertise developer Ocean Energy Applied sciences has acquired 3Dent Know-how, an offshore power engineering and design companies firm primarily based in Houston, Texas.
“OPT’s first acquisition brings extra income from 3Dent’s established mission and buyer base. 3Dent’s complementary companies broaden OPT’s potential to supply complete options to prospects working in quickly evolving markets equivalent to offshore wind and offshore oil and fuel. 3Dent Know-how will function underneath its present model title as an entirely owned subsidiary of Ocean Energy Applied sciences, Inc,” New Jersey-based OPT stated.
Established in 2013, 3Dent Know-how has a staff of engineers and naval architects to assist oil and fuel, offshore wind, and different industries, from early-stage innovation to detailed structural evaluation. Their companies embrace simulation engineering of hydrodynamic and structural purposes, idea design, software program engineering, and vessel monitoring for drilling contractors, development yards, main oil firms, service firms, and engineering corporations.
“The 3Dent Know-how acquisition is a crucial first step inside our long-term progress technique to broaden our market worth proposition whereas constructing OPT’s income,” stated George H. Kirby, President and CEO of OPT. “3Dent brings vital experience in offshore engineering to OPT and our prospects by offering full mission lifecycle engineering companies, from idea by way of set up to decommissioning, together with early-stage feasibility and design. Collectively, we’re well-positioned to deliver added worth to our prospects whereas increasing into new markets equivalent to ocean renewables.”
“We consider that we have now been very profitable in offering inventive and technically sound problem-solving experience to the offshore trade, and OPT’s business expertise and expertise align effectively with our experience. Collectively we consider that we are able to speed up the expansion of our offshore engineering companies whereas solidifying and increasing OPT’s place as an offshore power resolution supplier,” stated Dr. Jose Vazquez, Co-Founder and President of 3Dent Know-how. “We’re very excited to capitalize on our shared focus and imaginative and prescient to grow to be an integral a part of OPT’s long-term progress technique.”
Below the phrases of the deal, OPT agreed to pay 3Dent an quantity of inventory equal to $800,000 utilizing the closing strike worth on December 11, 2020 – the date that the events executed a non-binding letter of intent — equating to 361,991 shares of OPT frequent inventory.