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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
08/25/201614:00:00Lockheed Martin, University of Colorado Boulder Create Multi-Million-Dollar...
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08/23/201610:46:00Lockheed Martin Awarded $79.5 Million Contract to Provide an...
08/23/201609:00:00Air Force, Lockheed Martin and Northrop Grumman Celebrate 100...
08/23/201608:53:00Associated Aircraft Group Donates Helicopter Flights to Patient...
08/23/201606:04:54Amended Tender Offer Statement by Issuer (sc To-i/a)
08/23/201606:04:53Filing of Certain Prospectuses and Communications in Connection...
08/23/201606:04:27Amended Current Report Filing (8-k/a)
08/22/201617:20:19Statement of Ownership (sc 13g)
08/22/201616:44:38Current Report Filing (8-k)
08/22/201616:40:01Current Report Filing (8-k)
08/22/201616:15:00Lockheed Martin Announces Final Proration Factor of Approximately...
08/16/201616:50:39Filing of Certain Prospectuses and Communications in Connection...
08/16/201614:44:00Lockheed Martin Celebrates Advanced Pilot Training Facility Inauguration
08/16/201613:24:59Amended Tender Offer Statement by Issuer (sc To-i/a)
08/16/201613:19:45Current Report Filing (8-k)
08/16/201613:18:13Filing of Certain Prospectuses and Communications in Connection...
08/16/201613:00:00Lockheed Martin Successfully Closes Transaction to Separate and...
08/16/201611:15:00Lockheed Martin Announces Preliminary Results of Exchange Offer...

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