From 1993 to 2001, he served as vice president of finance. While at OPT, Mr Dunleavy has been key to the company’s progress in expanding operations in Europe, North America, Australia and Japan, and the company’s raising of over $140m in equity capital in the US and Europe, OPT said.

George Taylor, executive chairman of OPT, said: “The board of directors is very pleased that Charles has agreed to accept the position of chief executive officer to provide hands-on leadership and execution of the company’s growth strategy.

“He has already demonstrated a strong track record in the areas of operations, corporate management and finance. Building on his more than 15 years of experience in the renewable energy industry, Charles is well qualified to accelerate commercialization of OPT’s technology in the global marketplace.”

Prior to joining OPT in 1994, Mr Dunleavy’s career encompassed operational and financial management roles at both publicly-held international and private companies in the manufacturing and technology-based engineering sectors.

The company plans to appoint a new CFO to take over from Mr Dunleavy in due course.