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

Mark Draper, CEO of OPT, said: "The breadth of Lockheed Martin's expertise, innovation and execution skills will add significant value to OPT's overall delivery capability and assist in pursuing utility-scale wave energy projects. Their know-how will enhance key aspects of our current product offering, and aid the successful roll-out of our core PowerBuoy technology on the west coast of the US."

Rich Lockwood, vice president of Lockheed Martin's new ventures business, said: "Our work with OPT is another way in which Lockheed Martin is applying its expertise to help the nation achieve energy independence with alternative, renewable resources. Lockheed Martin's experience, combined with OPT's impressive PowerBuoy technology, advances the efficient and cost-effective production of utility-scale wave power generation systems."

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