26 January 2009 – Lockheed Martin and Ocean Power Technologies will collaborate to develop a utility-scale wave power generation project in North America.
Under the agreement OPT would provide project and site development expertise, build the power take-off and control systems and provide technology. Lockheed Martin would provide construction, systems integration and deployment of the plant, as well as operations and maintenance services.
OPT’s PowerBuoy wave generation system 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 California or Oregon.