By Victoria Stilwell
Ocean Power Technologies Inc. (OPTT) will partner with Lockheed Martin Corp. (LMT) to develop a 19-megawatt wave-energy project in Australia, one of the largest of its kind.
Shares of Ocean Power Technologies, which has a $41 million market value, surged 90% to $3.92 in recent trading Wednesday. Trading of the stock was halted earlier. The stock is up 48% so far this year.
Wave energy is captured directly from the surfaces of waves or from pressure fluctuations beneath the ocean surface. Ocean Power captures wave energy using large floating buoys anchored to a sea bed to convert the energy into electricity. The company completed its U.S. initial public offering in 2007.
The project will be developed by a special-purpose Australian company owned by Ocean Power.
Lockheed Martin will help with the design of Ocean Power's PowerBuoy technology, lead the production and system integration of the wave-energy converters and support program management.
Funding for the project, which is expected to be located off the coast of Portland, Victoria, also includes a grant of $65.3 million (63.6 million Australian dollars) from the Commonwealth of Australia's Department of Resources, Energy and Tourism.
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