A commercial engineering services agreement, to develop wave energy systems for use in future utility-scale power generation projects, has been signed by Ocean Power Technologies and Lockheed Martin it was announced yesterday (13th October). Under the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's PowerBuoy® wave power generation technology to utility-scale.

"The breadth of Lockheed Martin's expertise, innovation and execution skills will add significant value to OPT's overall delivery capability and assist in pursuing utility-scale wave energy projects," said Mark R. Draper, OPT's chief executive officer. "Their know-how will enhance key aspects of our current product offering, and aid the successful roll-out of our core PowerBuoy technology on the west coast of the U.S."

"Our work with OPT is another way in which Lockheed Martin is applying its expertise to help the nation achieve energy independence with alternative, renewable resources," said Rich Lockwood, vice president of Lockheed Martin's New Ventures business. "Lockheed Martin's experience, combined with OPT's impressive PowerBuoy technology, advances the efficient and cost-effective production of utility-scale wave power generation systems."

In addition to its collaboration with OPT, Lockheed Martin is addressing the nation's energy and climate challenges with work in areas including next-generation alternative energy, energy efficiency, energy storage and climate monitoring.