Ocean Power (OPTT), Lockheed (LMT) Enter 19-MW Wave-Energy Development Project in Australia
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Ocean Power Technologies, Inc. (Nasdaq: OPTT), a leading wave energy technology company, and Lockheed Martin (NYSE: LMT) have entered into a teaming agreement with the goal of developing a 19 megawatt wave-energy project in Victoria, Australia. This is one of the largest wave-energy projects announced to date, and leverages a grant from the Commonwealth of Australia.
For the project, Lockheed Martin will assist with the design of Ocean Power Technologies' (OPT) PowerBuoy® technology, lead the production and system integration of the wave-energy converters and support overall program management. Lockheed Martin and OPT have been collaborating since 2004, first on the development of an Advanced Deployable System for the U.S. Navy and most recently to design and launch utility-scale wave energy converters off the coast of Reedsport, Oregon.
Funding for the project, which is to be located off the coast of Portland, Victoria, also includes a previously announced grant of A$66.5 million ($65.3 million USD) from the Commonwealth of Australia's Department of Resources, Energy and Tourism. A Funding Deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.
The project is to be developed by a special purpose Australian company, Victorian Wave Partners Pty Ltd, currently owned by Ocean Power Technologies (Australasia) Pty Ltd. The partners are assessing financing opportunities for the project and pursuing power purchase agreements with local industry and utilities.
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For the project, Lockheed Martin will assist with the design of Ocean Power Technologies' (OPT) PowerBuoy® technology, lead the production and system integration of the wave-energy converters and support overall program management. Lockheed Martin and OPT have been collaborating since 2004, first on the development of an Advanced Deployable System for the U.S. Navy and most recently to design and launch utility-scale wave energy converters off the coast of Reedsport, Oregon.
Funding for the project, which is to be located off the coast of Portland, Victoria, also includes a previously announced grant of A$66.5 million ($65.3 million USD) from the Commonwealth of Australia's Department of Resources, Energy and Tourism. A Funding Deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.
The project is to be developed by a special purpose Australian company, Victorian Wave Partners Pty Ltd, currently owned by Ocean Power Technologies (Australasia) Pty Ltd. The partners are assessing financing opportunities for the project and pursuing power purchase agreements with local industry and utilities.
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