Wave technology specialist Ocean Power Technologies (AIM: OPT, NASDAQ: OPTT) signed a agreement with security firm Lockheed Martin (NYSE: LMT) to develop OPT’s wave energy systems for utility-scale power generation projects on the west coast of the US.
Lockheed Martin will provide its expertise in systems integration, lead manufacturing and test and optimization analysis to enhance OPT’s PowerBouy wave power generation to utility-scale, allowing the companies to pursue utility-scale power generation projects in North America. The parties had previously signed a letter of intent, agreeing to collaborate on such projects.
“The breadth of Lockheed Martin’s expertise, innovation and execution skills will add significant value to OPT’s overall delivery capability and assist in pursuing utility-scale wave energy projects,” said Chief Executive of OPT Mark Draper.
The PowerBouy technology captures and converts energy from the natural rising and falling of waves into low-cost electricity.
OPT has other power generation projects in Oregon and Hawaii, Scotland and Southwest England, Spain, Australia and Japan.