July 11, 2012 / 4:26 PM / in 5 years

Ocean Power to develop project with Lockheed, shares soar

(Reuters) - Ocean Power Technologies Inc (OPTT.O) said it signed an agreement with Lockheed Martin Corp (LMT.N) to develop a 19 megawatt wave-energy project in the Australian state of Victoria.

Ocean Power shares rose as much as 79 percent to a near five-month high of $3.69.

Funding for the project, off the coast of the city of Portland, includes a A$66.5 million ($68.10 million) grant from Australia’s Department of Resources, Energy and Tourism.

    The nascent wave and tidal power industry has attracted a flurry of investor activity over the past year, securing an estimated few hundred million euros from companies such as Siemens AG (SIEGn.DE) and Vattenfall AB VATN.UL.

    Lockheed Martin and Ocean Power have been collaborating since 2004, first on the development of a project for the U.S. Navy and most recently to design and launch utility-scale wave energy converters off the coast of Reedsport, Oregon.

    ($1 = 0.9765 Australian dollars)

    Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian

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