Ocean Power +41% on Lockheed deal to produce energy from ocean waves

Ocean Power Technologies (OPTT +40.9%) soars on news of a $205M deal with Lockheed Martin (LMT +2%) to produce the world’s largest wave energy project off the coast of Victoria, Australia.

Once completed in 2018 or 2019, the project will generate 62.5 MW of peak power, about one-third the capacity of a small coal-fired power plant in the U.S. and enough to meet the needs of 10K homes, LMT says.

The power buoys to be used in the project will rise ~30 ft. out of the water, far smaller than wind turbines which are typically 130 ft. tall and have drawn public resistance.

The agreement is part of a drive by defense giant LMT to expand its foothold in alternative energy as it seeks to offset a slump in U.S. and European military budgets.

Comments (18)
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    OPTT has been PROMISING to deliver power from Ocean Waves for the last 25 years.
    They have received hundreds of millions of dollars from investors and governments around the world.
    they have built a few "prototypes" which have been put in the water for just a few days and then brought back to shore and left to rust on the dockside.
    The directors award themselves millions of dollars each year plus share options.
    No power Buoy has ever delivered any power to shore.
    Wave hubs built at vast expense in Cornwall, Scotland and Oregon sit idle waiting for OPTT to come to the party.
    Announcements like this one cause a brief blip in the share price and allow the executives to trouser a bit more loot.
    It's a SCAM.
    Pure and simple SCAM.
    "Doctor" George W Taylor has faked 2 out of his 3 Doctorates.
    The only one he really has is an HONORARY degree for service to Green Energy Scamming.
    11 Feb 2014, 01:15 PM Reply Like
  • mortsmith
    , contributor
    Comments (16) | Send Message
    Wow! These are damning comments to management! I've been holding OPTT for years, waiting for good news. Where have you gotten your information?
    11 Feb 2014, 01:24 PM Reply Like
  • jumpnjoey77
    , contributor
    Comments (1222) | Send Message
    Love that LMT is getting into different revenue streams.
    11 Feb 2014, 01:31 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    I promise you there won't be any revenue stream from this idiotic idea.
    11 Feb 2014, 01:44 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    I've been watching them for years.
    I know my scams.
    Georgie made up his Doctorate claims to give the OPTT float a bit more credibility.
    It's very easy to check on his belated Doctorates.
    Ole Georgie is from Australia.
    World leader in Green Scamming.
    11 Feb 2014, 01:32 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    The Oregon buoy has been broken up for scrap .
    11 Feb 2014, 01:36 PM Reply Like
  • BlueOkie
    , contributor
    Comments (10648) | Send Message
    The ocean is a very harsh environment. To get anything with moving parts to transfer motion to energy and then transfer that to shore is a difficult task. I gather LMT may have a military use for a forward operating location - but nothing really long term. The price of electricity would have to sky rocket.
    11 Feb 2014, 02:01 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    Harsh environment?
    This wave widget ended up on the wocks!


    11 Feb 2014, 02:52 PM Reply Like
  • paullyons1
    , contributor
    Comments (12) | Send Message
    i don't see lockheed getting in the mix with bozos.....they didn't get where there are blowing dough!!....
    11 Feb 2014, 10:50 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    OPTT have been playing the Lockheed card for many years.
    They PAID Lockheed to do some testing for them and then used the association of the name to give them extra cred.
    Lockheed don't stand to lose anything.
    They've been associated with bozos plenty of times.
    12 Feb 2014, 03:59 AM Reply Like
  • joegillam
    , contributor
    Comments (1182) | Send Message
    Yea, this sounds like ca-ca! And, don't think this crazy world will not buy a boat load of weapons in the next ten years!


    Joe In Georgia
    12 Feb 2014, 03:15 AM Reply Like
  • Figuringitout
    , contributor
    Comments (36) | Send Message
    @keef, the Lockheed card is totally different when it forks over 200 plus million dollars, no?


    No matter what, if a company with a market cap of 43million lands a 200 million dollar contract, their share price is likely to experience a sustained climb, don't you think?
    12 Feb 2014, 10:29 AM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    A climb yes.
    They do it every few months regular as clockwork.
    It falls back to about $2 within a few days when the newbies wake up to the scam.
    They've been hyping the Australia wave farm for years. It will never happen just the same as all their other projects never happened.
    They now claim that the PB150 (since renamed the PB5000 or whatever) was only a prototype.
    They say they are working on the PB500 (renamed Power Tower or some such plop) will be along shortly.
    So, if it doesn't work (and it doesn't) then they build a REALLY BIG ONE which won't work either.
    Basic marine science will tell you that the bigger it is the less responsive it will be to small and medium size waves and therefore it will be even less efficient.
    In big storms there is no anchoring system on earth that can withstand the full force of the sea.
    Scam is run by idiots and sells the IDEA to idiots.
    Nice little earner!
    12 Feb 2014, 12:12 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    BTW ..good shorting opportunity if you're in to that sort of thing.
    It will fall back to about $2 within days.
    You can bank on it.
    12 Feb 2014, 12:13 PM Reply Like
  • mortsmith
    , contributor
    Comments (16) | Send Message
    Hi K,


    I repeat my ? from yesterday - where have you gotten your info.?
    12 Feb 2014, 12:52 PM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    Google told me some things.
    Wayback Machine told me others.
    A little bird gave me some inside info.
    Can't say anymore....MIB at the door.
    12 Feb 2014, 01:55 PM Reply Like
  • struckbyopt
    , contributor
    Comments (11) | Send Message
    This is a brief history of the buys that Ocean Power Technologies has developed.
    The first buoy, deployed off the coast of NJ, broke apart before the control electronics was deployed.
    The second buoy was assembled in Australia. Unfortunately the mast on top of the buoy broke off on deployment day. It was scrapped.
    A buoy was deployed off the coast of NJ. It was in the water for a couple of years. Some data was collected but very little power was generated to be delivered to the on-board electric heater.
    The first buoy for Hawaii, PB40, was deployed. It lasted a couple of months and the mast anchored to sea bed broke. Little data was gathered.
    The second buoy for Hawaii broke down within a week of deployment.
    The third buoy was eventually deployed. It had problems but they were solved. It was connected to the grid and during its lifetime delivered a few Kilowatt Hours.
    A larger buoy was developed, a PB150. It was deployed in a British bay. It stayed in the water for about 6 months and ran for a few hours. Minimal data acquired. The buoy is now disassembled and scrapped.
    A new buoy was designed and built for the Oregon, named Mark 3. It is presently sitting on a dock and will probably be scrapped before deployment.
    A PB40 or equivalent sits on a dock in Spain. It may be deployed this year, 2014. It’s supposed to use wave prediction software.
    A smaller buoy, developed for Homeland Security, was deployed and worked for a few months. It was repaired and deployed a second time. It’s capable of delivering about 200 Watts continuously.
    There are no buoys in the ocean at the present time.
    3 Mar 2014, 09:08 AM Reply Like
  • keefwotspeaksthetroof
    , contributor
    Comments (578) | Send Message
    Wave.....your money goodbye!
    10 Mar 2014, 12:49 PM Reply Like
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