Lockheed Martin (NYSE: LMT) and Ocean Power Technologies, Inc. (OPT) (Nasdaq: OPTT) have signed a letter of intent to collaborate in the development of a utility-scale wave power generation project in North America.
The companies intend to enter into an agreement under which OPT would provide its project and site development expertise, build the power take-off and control systems of the plant, and provide its proprietary PowerBuoy® technology. Lockheed Martin would provide construction, systems integration and deployment of the plant, as well as operations and maintenance services.
This is the first agreement between the two companies for a utility-scale renewable energy project and builds on their previous work together on systems for U.S. homeland security and maritime surveillance consisting of OPT's unique autonomous PowerBuoy integrated with Lockheed Martin's advanced acoustic sensors, signal processing and communications systems.
OPT's PowerBuoy captures and converts wave energy into electricity. The generated power is transmitted ashore via an underwater power cable. The prospective wave power project between Lockheed Martin and OPT is expected to be off the coasts of either California or Oregon.
In November 2007, Lockheed Martin teamed with Starwood Energy Group to pursue utility solar generation projects in North America and has been pursuing multiple utility-scale opportunities.
Ocean Power Technologies signed an agreement in December with Leighton Contractors to develop wave power projects off the east and south coasts of Australia.
OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.
