Lockheed to collaborate with wave-energy firm

Lockheed Martin has signed a commercial engineering services agreement with a Mercer County company that has been working on a wave-energy system that will generate power.

Ocean Power Technologies Inc., of Pennington, will be working with Lockheed Martin's Maritime Systems and Sensors division in Moorestown.

Ocean Power uses special buoys to convert energy from the rising and falling of waves into electricity. The generated power is transferred to shore through an underwater power transmission cable.

The companies agreed to collaborate on such projects in a letter of intent signed in January, and they are expected to pursue future power-generation projects in North America, the companies said in a release.    - Roslyn Rudolph