This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ocean Power Technologies And Lockheed Martin To Develop Wave-Energy Project In Australia

PENNINGTON, N.J. and BALTIMORE, July 11, 2012 /PRNewswire/ -- Ocean Power Technologies, Inc. (Nasdaq: OPTT), a leading wave energy technology company, and Lockheed Martin (NYSE: 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.

"Lockheed Martin is applying its expertise to commercialize promising, emerging alternative energy technologies," said Dan Heller, vice president of new ventures for Lockheed Martin's Mission Systems & Sensors business. "We see great potential in harnessing the vast power of the ocean. By working with OPT and Australian industry on this project, we will advance wave energy in Australia and globally."

According to the World Energy Council, wave energy has the potential to produce around 2,000 terawatt hours of electricity a year, or enough power to meet 10 percent of the world's current energy needs.  In Australia, which has very attractive wave resources, this percentage could be significantly higher.

Charles F. Dunleavy, Chief Executive Officer of OPT, said, "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."

Funding for the project, which is to be located off the coast of Portland, Victoria, also includes a previously announced grant of A$66.5 million ( $65.3 million USD) from the Commonwealth of Australia's Department of Resources, Energy and Tourism. A Funding Deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.  

The project is to be developed by a special purpose Australian company, Victorian Wave Partners Pty Ltd, currently owned by Ocean Power Technologies (Australasia) Pty Ltd.  The partners are assessing financing opportunities for the project and pursuing power purchase agreements with local industry and utilities. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs