Ocean Power Technologies, Lockheed Martin to partner on Australia project
Photo Courtesy: Ocean Power Technologies
Ocean Power Technologies and Lockheed Martin will work together to develop a large wave energy project in Australia.
Ocean Power Technologies and Lockheed Martin announced Wednesday they will work together on a wave energy project in Portland, a town in Victoria, Australia.
At 19 megawatts, the project is one of the largest wave energy developments in the works and will leverage a $65 million grant from the Commonwealth of Australia.
Shares of Ocean Power Technologies (Nasdaq: OPTT) rose on the news.
Ocean Power Technologies is also developing a wave energy project off the coast of Oregon near Reedsport. That project is slated to be 1.5 megawatts in size.
Princeton, N.J.-based OPT is also partnering with Lockheed Martin (NYSE: LMT) on the Reedsport project.
"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," said Charles F. Dunleavy, CEO of OPT, in a press release. "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."
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