Ocean Power Technologies appoints new CEO

Wave power company, Ocean Power Technologies has appointed Mark  Draper as its new Chief Executive Officer.

The AIM-listed company develops water buoys that capture waves to generate electricity. Mr. Draper, 45,  would take up the position from Jan. 29, the company said.

Mr. Draper has been OPT’s COO since June 2007 and was the  head of  its wholly owned European subsidiary, Ocean Power Technologies Ltd, since September 2004.

He succeeds OPT founder Dr. George Taylor, who stays on as  executive chairman of the New Jersey-based company.

“Building on his prior experience in the utility industry in both renewable and conventional sources of power, Mark is well suited to lead the Company as it moves to the next stage of growth in the worldwide marketplace,” Dr. Taylor, said in a written statement.

Mr. Draper joined OPT  in 2004 from Powergen  where he was a managing director overseeing the company’s 9,000 MW power generation business.

Last week OPT  it was partnering with Lockheed Martin to develop a utility-scale power project off the coast of California or Oregon.

(OPT press release)

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