Lockheed Martin and Ocean Power Technologies said Monday they have signed a letter of intent to work together to develop a utility-scale wave-power generation project in North America, probably off the coasts of Oregon or California, according to wire reports.
The companies intend to enter into an agreement under which OPT (NASDAQ:OPTT) would provide its project and site development expertise, build the plant’s power take-off and control systems, and provide its PowerBuoy system, which uses a special buoy to capture wave energy and convert it into electricity. Lockheed Martin (NYSE:LMT) would provide construction, systems integration and deployment of the plant, as well as operations and maintenance services.
The companies have previously worked together on U.S. Homeland Security and maritime surveillance systems consisting of OPT’s PowerBuoy integrated with Lockheed Martin’s advanced acoustic sensors, signal processing and communications systems.
Lockheed Martin is based in Bethesda, Md., but its Moorestown, N.J., operations will direct its work with OPT of Pennington, N.J.