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Ocean Power Technologies, Lockheed Martin partnering for 19-MW wave energy plant in Australia

Ocean Power Technologies Inc. and Lockheed Martin have entered an agreement to develop a 19-MW hydrokinetic plant in Portland, Australia.

Lockheed Martin will assist Ocean Power Technologies in the production and system integration of the project's wave-energy converters and support program management.

The companies have been collaborating since 2004 -- first on a project for the U.S. Navy and most recently on the design and launch of utility-scale wave energy converters in Oregon.

The project is being developed by Australia's Victorian Wave Partners Pty Ltd., which is a subsidiary of Ocean Power Technologies (Australasia) Pty Ltd.

Funding for the project comes in part from the Australian Department of Resources, Energy and Tourism, which previously announced a grant worth US$65.3 million.

OPT says the partners are currently exploring additional financing opportunities and pursuing power-purchase agreements with local industries and utilities.

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