Ocean Power Technologies and Lockheed Martin Developing Utility-Scale Wave Power System

Ocean Power Technologies and Lockheed Martin Developing Utility-Scale Wave
Power System

MOORESTOWN and PENNINGTON, N.J., Oct. 13 /PRNewswire/ -- Lockheed Martin
(NYSE: LMT) and Ocean Power Technologies, Inc. (OPT) (Nasdaq: OPTT and London
Stock Exchange AIM: OPT) have signed a commercial engineering services
agreement to develop OPT's wave energy systems for use in future utility-scale
power generation projects.

Under the agreement, Lockheed Martin will provide its expertise in systems
integration, lean manufacturing, and test and optimization analysis to enhance
OPT's innovative PowerBuoy® wave power generation technology to utility-scale.
This critical step will allow the two companies to pursue future utility-scale
power generation projects in North America. The companies agreed to
collaborate on such projects in a letter of intent signed in January 2009.

"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," said Mark R. Draper, OPT's chief
executive officer. "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 U.S."

OPT's proven PowerBuoy technology uses "smart" buoys, based on integrated
patented hydrodynamics, electronics, energy conversion and computer control
systems, to capture and convert energy from the natural rising and falling of
waves into low-cost, clean electricity. The generated power is transferred
ashore via an underwater power transmission cable. A future 10-Megawatt
utility power station comprised of floating PowerBuoy systems would occupy
approximately 30 acres (0.125 square kilometers) of ocean space. Such a plant
would generate electricity for approximately 4,000 homes.

"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," said Rich Lockwood, vice president of Lockheed Martin's
New Ventures business. "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."

In addition to its collaboration with OPT, Lockheed Martin is addressing the
nation's energy and climate challenges with work in areas including
next-generation alternative energy, energy efficiency, energy storage and
climate monitoring.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM:
OPT) is a pioneer in wave-energy technology that harnesses ocean wave
resources to generate reliable, clean and environmentally-beneficial
electricity. OPT has a strong track record in the advancement of wave energy
and participates in a $150 billion annual power generation equipment market.
The Company's proprietary PowerBuoy® system is based on modular, ocean-going
buoys that capture and convert predictable wave energy into low-cost, clean
electricity. The Company is widely recognized as a leading developer of
on-grid and autonomous wave-energy generation systems, benefiting from over a
decade of in-ocean experience. OPT's technology and systems are insured by
Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey
with offices in Warwick, UK. More information can be found at
www.oceanpowertechnologies.com.

About Lockheed Martin

Headquartered in Bethesda, Md., Lockheed Martin is a global security company
that employs about 140,000 people worldwide and is principally engaged in the
research, design, development, manufacture, integration and sustainment of
advanced technology systems, products and services. The corporation reported
2008 sales of $42.7 billion.

For additional information about Lockheed Martin, visit:
http://www.lockheedmartin.com

SOURCE Lockheed Martin

Media, Kim Martinez of Lockheed Martin, +1-973-294-8981,
kimberly.martinez.@lmco.com; or Mark R. Draper, Chief Executive Officer, or
Charles F. Dunleavy, Chief Financial Officer, +1-609-730-0400, both of Ocean
Power Technologies, Inc.; Media in United Kingdom, Neil Thapar, Martin Sutton
or Claire Norbury, all of Corfin Communications, +44-20-7977-0020; or Juliet
Thompson or Richard Potts, both of Nomura Code Securities Limited,
+44-20-7776-1200