Lockheed Martin partners with Ocean Power Technologies

Lockheed Martin Corporation and Ocean Power Technologies, Inc. (OPT), a developer of systems that generate electricity through the renewable energy of ocean waves, have signed a commercial engineering services agreement to develop OPT's wave energy systems for use in future utility-scale power generation projects. Both the entities are based in the US.

Lockheed Martin is a security company engaged in the research, design, development, manufacture, integration and sustainment of technology systems and products.

Under the terms of the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's PowerBuoy(R) wave power generation technology to utility-scale.

Deal Type    Partnership
Sub-Category Co-Marketing
Deal Status  Completed: 2009-10-13

Deal Participants

Partner 1 (Company) Lockheed Martin Corporation
Partner 2 (Company) Ocean Power Technologies, Inc.

Related terms: commercial, electricity, energy, engineering, manufacturer, manufacturing, marketing, partnership, products, security, technology, utilities