Pennington, New Jersey-based Ocean Power Technologies has appointed Charles Frederick Dunleavy as its chief executive officer.
Dunleavy succeeds Mark R. Draper, who has resigned from the company for personal reasons.
Dunleavy joined OPT in 1994 and has served as the company’s senior vice president and chief financial officer since 2001, and as the company’s treasurer and secretary and a member of the board of directors since 1990. Dunleavy has been an integral part of the company’s progress in expanding operations in Europe, North America, Australia and Japan, and the company’s raising of over $140 million in equity capital in the US and Europe.
OPT plans to appoint a new CFO to take over from Dunleavy in due course.
Dunleavy said he doesn’t “envisage a major change in OPT’s strategy”, however, he maintained that the company “must sharpen the essential business implementation of the company’s plans”.
Late last year, the company shared that it has managed to expand its global presence while remaining on course to complete the first PB150 PowerBuoy. In December, Draper stated that the PB150 project for Scotland is a major engineering challenge involving the construction of OPT’s next generation structure, for ocean deployment by the middle of next year. The company also made a breakthrough into the important Japanese market by entering a partnership with leading local companies. Also, OPT with its partners received in early November a vote of confidence with a substantial grant from the Australian Federal Government for a utility-scale wave power project in Victoria, Australia.
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