Ocean Power Technologies and Lockheed Martin to Develop Wave-Energy Project in Australia

Ocean Power Technologies, Inc. OPTT and Lockheed Martin LMT have entered into a teaming agreement with the goal of developing a 19 megawatt wave-energy project in Victoria, Australia. This is one of the largest wave-energy projects announced to date, and leverages a grant from the Commonwealth of Australia. For the project, Lockheed Martin will assist with the design of Ocean Power Technologies' (OPT) PowerBuoy® technology, lead the production and system integration of the wave-energy converters and support overall program management. Lockheed Martin and OPT have been collaborating since 2004, first on the development of an Advanced Deployable System for the U.S. Navy and most recently to design and launch utility-scale wave energy converters off the coast of Reedsport, Oregon.