Ocean Power Technologies (OPT) has signed a letter of intent with Lockheed Martin to collaborate in the development of a utility-scale wave power generation project in North America.
The prospective wave power project is expected to be off the coasts of California or Oregon. Financial terms of the agreement were not disclosed.
This is the first agreement between the two companies for a utility-scale renewable energy project.
The two companies intend to enter into an agreement under which OPT would provide its project and site development expertise, build the power take-off and control systems of the plant, and provide its proprietary PowerBuoy technology. For its part, Lockheed Martin would provide construction, systems integration and deployment of the plant, as well as operations and maintenance services.
OPT's Dr. George W. Taylor said: "We are pleased to announce these plans to work with Lockheed Martin to pursue a utility-scale power station using our PowerBuoy technology."
The companies have previously worked together on U.S. Homeland Security and maritime surveillance systems consisting of OPT's PowerBuoy integrated with Lockheed Martin's advanced acoustic sensors, signal processing and communications systems.
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