Lockheed Martin in Australian Wave Energy Project
Lockheed Martin says it has signed a contract with Victorian Wave Partners Ltd. to begin developing the world’s largest wave energy project yet. The 62.5-megawatt peak power wave energy generation project will be built off the coast of Victoria, Australia, using Ocean Power Technologies' (OPT) PowerBuoy® wave energy converter technology. The company’s PowerBuoy wave generation technology uses a "smart," ocean-going buoy to convert wave energy into low-cost, clean electricity. The buoy moves up and down with the rising and falling of waves.
Autonomous Surveillance PowerBuoy Deployed Off NJ Coast
Ocean Power Technologies (OPT) have deployed the buoy 35 miles off the coast and in 43 meters of water depth, to perform in-ocean tests on its proprietary APB to further validate the technology's capacity for expanded ocean surveillance. This latest deployment is in connection with a previously-announced Cooperative Research and Development Agreement ("CRADA") with the U.S. Department of Homeland Security ("DHS") Science & Technology Directorate ("S&T"). The DHS S&T Borders and…
OceanPower Technologies and Lockheed Martin Collaborating on Powerbuoy
Ocean Power Technologies, Inc. is pleased to announce it will collaborate with Lockheed Martin (NYSE: LMT) in connection with OPT’s proposed commercial-scale wave power generation project at Reedsport, Oregon. 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 US Department of Energy (DoE) to OPT as part of US Secretary of Energy Steven Chu’s initiatives announced in September 2010 to promote the development of renewable marine energy.
OPT Announces 4Q Results
Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced financial results for its fiscal fourth quarter and year ended April 30, 2011. • Contract backlog increased to a record $8.9 million as of April 30, 2011. This reflects $10.3 million of new orders brought in during fiscal year 2011, including recent US Department of Energy (“DOE”) awards for the PB150 program in Reedsport, Oregon and for development of the next generation PB500 PowerBuoy. • Revenue increased by 31% for the twelve months ended April 30, 2011 compared to fiscal 2010, reflecting orders from the US Navy, DOE and the United Kingdom’s Technology Strategy Board. • Achieved Lloyd’s Register certification for the PB150 PowerBuoy design…
