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Ocean Power (OPTT) Extends Tuesday's Rally

NEW YORK (TheStreet) -- After soaring 52.8% over Tuesday, Ocean Power Technologies (OPTT) is continuing to gain well into Wednesday's session.

By early afternoon, shares of the microcap have added 24.6% to $4.40. Trading volume of 18.2 million is more than 12 times its three-month average daily volume.

On Tuesday, Lockheed Martin (LMT) announced a partnership with the alternative energy supplier to develop the world's largest project harnessing wave energy.

The project will be developed off the coast of Victoria, Australia and upon its completion as early as 2018 will produce enough power for 10,000 homes.

The project will use Ocean Power's technology which converts wave energy into clean energy via the bobbing movement of a buoy. The mechanical energy produced drives an electrical generator, which transmits power through an underwater cable. OPTT ChartOPTT data by YCharts

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