Wave energy system to be built by Lockheed Martin

Ocean Power Technologies Inc. (Nasdaq: OPTT) is collaborating with Lockheed Martin (NYSE: LMT) to build a planned 1.5 MW capacity wave energy generation project in Oregon.

Lockheed Martin will provide design, manufacturing, system integration and supply chain management expertise with OPT’s PowerBuoy technology. The Department of Energy (DOE) awarded OPT a $2.4 million contract to promote development of marine energy.

Construction of the Oregon PB150 PowerBuoy’s steel structure has been completed and testing is ongoing.

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