The two companies have cooperated on projects in the past, but this latest project calls for an offshore power plant that can generate 62.5 megawatts of power when it is completed in 2018 or 2019. The first 2.5 megawatts are scheduled to be completed either this year or next.
A Lockheed spokesman said, “Ocean energy is a tremendously large, untapped resource which has global applicability. … It’s essentially clean and the fuel is free.” The Ocean Power turbines rise about 30 feet above the surface of the water, much less than the 130 feet or so that wind power turbines rise above the surface.
Ocean Power stock was up about 45% to $3.35 Tuesday, after posting a new 52-week high of $4.09. The stock’s 52-week low is $1.45. More than 12 million shares had traded hands by mid-day, compared with a daily average of less than 400,000.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
