Lockheed Martin (LMT) Announces Joint Venture with Ocean Power (OPTT)

Yesterday, after Energy Conversion Devices (Nasdaq:ENER) put in a solid 15% move, I suggested that we put solar stocks on our radar. I should have thrown a wider net, though. There are no solar stocks on the Top Daily Gainers list today. But there were several alternative energy stocks making large moves.

BioFuel Energy (Nasdaq:BIOF) was up 18% and Clean Diesel Technologies (Nasdaq:CDTI) was up 15%. But by far the big winner was Ocean Power Technologies (Nasdaq:OPTT). Ocean Power shares were up as much as 85% after it announced a joint venture with Lockheed Martin (NYSE:LMT) to develop its PowerBuoy for utility-scale power generation.

If you haven't read about this technology, it's pretty neat stuff. The buoys contain hydraulics that are moved by ocean waves to create electricity that's transferred by power cable to shore. The company claims it can build a 10 megawatt power station that would cover 30 acres of ocean and provide power for 4,000 homes. And the company believes they can create a 100 megawatt power station by adding more buoys...

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