Ocean Power Technologies, Inc. (OPTT) and Lockheed Martin (LMT) announced today that they have entered into a teaming agreement with the goal of developing a 19 megawatt wave-energy project in Victoria, Australia, one of the largest wave-energy projects announced to date.
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.
Charles F. Dunleavy, Chief Executive Officer of OPT, commented:
Lockheed Martin’s commitment to alternative energy and its engineering, production, and systems integration expertise will provide momentum to our Australia initiatives, where both companies see great potential for large-scale wave energy generation. We also appreciate the Commonwealth government’s continued support of this project, which we expect to create a significant number of local jobs as we develop and maintain operations over the life of the power station.
Ocean Power Technologies stock traded close to its cash/share value. Company has almost no debt. Judging by the nature of the low float NASDAQ’s stocks the OPTT shares may soar to over its 52W Highs in just a few trading sessions.
Ocean Power Technologies, Inc.
1590 Reed Road
New Jersey 08534
Tel: +1 609 730 0400
Fax: +1 609 730 0404
Ocean Power Technologies, Inc. has focused on its proprietary PowerBuoy® technology, capturing wave energy using large floating buoys anchored to the sea bed and converting that energy into electricity using innovative power take-off systems.