Ocean Power Technologies Inc. (OPT) announced it will
collaborate with Lockheed Martin in connection with OPT’s proposed commercial-scale
wave power generation project at Reedsport,
Ore.

Lockheed Martin will provide design, manufacturing,
system integration, and supply chain management expertise to enhance OPT’s
PowerBuoy technology. This builds on previous work conducted by Lockheed Martin
and OPT.

This collaboration follows a $2.4 million contract awarded
by the U.S. Department of Energy (DoE) to OPT as part of U.S. Secretary of Energy Steven
Chu’s initiatives announced in September 2010 to promote the development of
renewable marine energy.

Construction of the Oregon PB150 PowerBuoy’s
steel structure has been completed, and testing of the advanced power take-off and
control system is in process at OPT’s production facility in a test environment
simulating the varying wave conditions that exist off the Oregon coast. Assembly,
systems integration, and land testing of the PowerBuoy is planned to occur over
the next several months. It is intended to be the first of a proposed 10-buoy
wave power station with a peak generating capacity of 1.5 MW, equivalent to the
power needs of about 1,500 homes.

Ocean Power Technologies Inc., www.oceanpowertechnologies.com