Back in January, we posted about the news of Lockheed (LMT) and Ocean Power (OPTT) signing a letter of intent to develop utility scale wave energy systems together.  That relationship moved to the next step this morning and shares of Ocean Power (OPTT) are soaring on the news, up over 50% just a few minutes ago.  It appears OPTT is no longer a green stock cellar dweller!

This morning the two companies made it official by signing a commercial engineering services agreement to develop OPT’s wave energy system for use in utility scale projects.  Great news for OPTT and the wave energy industry.

Lockheed will provide its expertise in systems integration, manufacturing, test and optimization analysis to bring the PowerBuoy to the next level.

Said OPTT CEO Mark Draper, “The breadth of Lockheed Martin’s expertise, innovation and execution skills will add significant value to our 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 U.S.