Ocean Power Technologies, Inc. (OPTT, OPT.L) said it signed commercial engineering services agreement with Lockheed Martin Corp. (LMT) to develop Ocean Power Technologies' wave energy systems for use in future utility-scale power generation projects.
As per the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance Ocean Power Technologies' PowerBuoy wave power generation technology to utility-scale. This move will allow the two companies to pursue future utility-scale power generation projects in North America.
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