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Ocean Power Tech Partners With Lockheed Martin on Wave-Energy Project

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. Write to Victoria Stilwell at victoria.stilwell@dowjones.com

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
07/29/201514:00:15Northrop, General Dynamics Beat Expectations
07/29/201510:34:00Lockheed Martin Launches Healthcare Technology Alliance
07/29/201509:40:07General Dynamics Lifts Outlook
07/29/201509:28:41General Dynamics Boosts Outlook
07/28/201505:20:09GKN Upgrades Aerospace Stakes With Fokker Buy
07/24/201510:03:00Lockheed Martin Receives $1.5 Billion Missile Interceptor Deal
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07/23/201509:08:00Lockheed Martin Receives Additional Electronic Warfare Contract...
07/22/201517:08:07Quarterly Report (10-q)
07/22/201508:30:00AEHF Low Cost Terminal Completes Information Assurance Critical...
07/22/201508:00:00Lockheed Martin Completes Sixth Open Mission Systems Flight
07/20/201520:11:13Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201510:08:37Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201509:09:35Lockheed Agrees to Buy Sikorsky For $9 Billion--5th Update
07/20/201509:04:54Current Report Filing (8-k)
07/20/201508:49:17Lockheed Agrees to Buy Sikorsky For $9 Billion--4th Update
07/20/201508:43:15Lockheed Agrees to Buy Sikorsky For $9 Billion--3rd Update
07/20/201508:32:34Lockheed Agrees to Buy Sikorsky For $9 Billion--2nd Update
07/20/201508:30:07Lockheed Agrees to Buy Sikorsky for $9 Billion
07/20/201508:27:11Lockheed Agrees to Buy Sikorsky For $9 Billion--Update

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