Press release:

Lockheed Martin to Integrate Fuel Cells, Solar Power for Military Applications Under Contract with Office of Naval Research

AKRON, Ohio – Aug. 8, 2012 – Lockheed Martin [NYSE: LMT] secured a contract with the Office of Naval Research for the design and development of solid oxide fuel cell generator sets as an alternative to traditional battlefield power generation equipment. Lockheed Martin’s fuel cell technology will be integrated with solar panels, providing the military with the power needed to perform missions while using dramatically less fuel.

At the end of the 32-month development program, Lockheed Martin will demonstrate and deliver a multi-kilowatt JP-8 compatible Fuel Cell Efficient Power Node for evaluation by the U.S. Marines. The goal of the approximately $3 million dollar contract is to reduce overall fuel usage required for tactical electrical generation by 50 percent or more.

More than 100,000 military generators are used worldwide to power services from lighting and air conditioning to computers, radios, and command and control systems. Solid oxide fuel cells convert fuel into electricity using a chemical reaction that is 30 to 50 percent more efficient than the combustion engines used in diesel generators, which are the largest consumers of fuel on the battlefield today. Because fuel cells require less fuel to create the same amount of power, they offer the potential to save billions of dollars in operational costs and to reduce the number of military casualties that are directly related to the delivery of fuel.

“Lockheed Martin shares the U.S. Department of Defense’s top goals of increasing the safety of our troops and reducing operational costs,” said Dan Heller, vice president of new ventures for Lockheed Martin Mission Systems & Sensors. “Alternative energy solutions, such as the fuel cell we are developing for the Office of Naval Research, can help mitigate these challenges, advancing the strength and flexibility of our military operating in some of the world’s toughest conditions.”

Lockheed Martin is working with Cleveland-based TMI to mature the fuel cell technology. In addition to Lockheed Martin-funded research and development, this team has received competitive grants from the Ohio Third Frontier, a program committed to creating new technology-based products, companies, industries and jobs. In 2011, Lockheed Martin became the first company to continuously operate a solid oxide fuel cell generator set for over one thousand hours on standard DoD-supplied JP-8, and remains the only company to do so to date.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2011 were $46.5 billion.

Press release:

Ocean Power Technologies and Lockheed Martin to Develop Wave-Energy Project in Australia

PENNINGTON, N.J. and BALTIMORE, July 11, 2012 – Ocean Power Technologies, Inc. (Nasdaq: OPTT), a leading wave energy technology company, and Lockheed Martin (NYSE:LMT) have entered into a teaming agreement with the goal of developing a 19 megawatt wave-energy project in Victoria, Australia. This is one of the largest wave-energy projects announced to date, and leverages a grant from the Commonwealth of Australia.

For the project, Lockheed Martin will assist with the design of Ocean Power Technologies’ (OPT) PowerBuoy® technology, lead the production and system integration of the wave-energy converters and support overall program management.  Lockheed Martin and OPT have been collaborating since 2004, first on the development of an Advanced Deployable System for the U.S. Navy and most recently to design and launch utility-scale wave energy converters off the coast of Reedsport, Oregon.

“Lockheed Martin is applying its expertise to commercialize promising, emerging alternative energy technologies,” said Dan Heller, vice president of new ventures for Lockheed Martin’s Mission Systems & Sensors business. “We see great potential in harnessing the vast power of the ocean. By working with OPT and Australian industry on this project, we will advance wave energy in Australia and globally.”

According to the World Energy Council, wave energy has the potential to produce around 2,000 terawatt hours of electricity a year, or enough power to meet 10 percent of the world’s current energy needs.  In Australia, which has very attractive wave resources, this percentage could be significantly higher.

Charles F. Dunleavy, Chief Executive Officer of OPT, said, “Lockheed Martin’s commitment to alternative energy and its engineering, production, and systems integration expertise will provide momentum to our Australia initiatives, where both companies see great potential for large-scale wave energy generation. We also appreciate the Commonwealth government’s continued support of this project, which we expect to create a significant number of local jobs as we develop and maintain operations over the life of the power station.”

Funding for the project, which is to be located off the coast of Portland, Victoria, also includes a previously announced grant of A$66.5 million ($65.3 million USD) from the Commonwealth of Australia’s Department of Resources, Energy and Tourism. A Funding Deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.  

The project is to be developed by a special purpose Australian company, Victorian Wave Partners Pty Ltd, currently owned by Ocean Power Technologies (Australasia) Pty Ltd.  The partners are assessing financing opportunities for the project and pursuing power purchase agreements with local industry and utilities. 

About Lockheed Martin:

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 123,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2011 were $46.5 billion. 

About Ocean Power Technologies:

Ocean Power Technologies, Inc. (Nasdaq: OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA with an office in Warwick, UK.

Press release:

Lockheed Martin, DOE Funds to Support Alliance to Save Energy Program at 3 Prince George’s Public Schools

Pilot 2011-12 Green Schools Program Deemed Great Success

WASHINGTON, June 13, 2012 – Lockheed Martin and a local energy efficiency program have committed to the continued funding of the Alliance to Save Energy’sGreen Schools program in three Prince George’s County, Md. public schools based on the measurable energy and cost savings achieved by a pilot program.

Starting in December, more than 50 second to eighth graders formed “Green Teams,” learned about energy sources, use and measurement – and how they, along with faculty and maintenance staff, could reduce their schools’ energy use and costs. Their efforts resulted in a nearly 12 percent reduction that saved $3,968 in February and March at University Park and Hyattsville Elementary Schools and Nicholas Orem Middle School.

STEP-UP, the U.S. Department of Energy-funded Small Town Energy Program for University Park, has provided support and logistics at its neighborhood elementary school this year and will fully fund the Green Schools program there next year. STEP-UP’s goal is to improve energy efficiency by 20 percent in at least 20 percent of University Park’s homes.

“We are thrilled with our preliminary program results and with this ‘vote of confidence’ from Lockheed Martin and STEP-UP,” said Alliance Vice President for Education Merrilee Harrigan. We look forward to even more savings – and more awareness of energy efficiency in the schools and in the wider communities – in the coming school year.”

“Lockheed Martin understands the importance of building strong science, technology, engineering and math skills at an early age,” said Lockheed Martin’s Director of Energy Programs Roger Flanagan. “Through this program, we hope to inspire the students to not only continue applying their knowledge of energy efficiency elsewhere, but also to think about future careers in engineering.”

“This program allowed students to have hands-on learning experiences,” said Prince George’s County Public Schools Board of Education member Amber Waller. “But more importantly, it provided them opportunities to work as a team with other students and school staff to make a difference in the way schools use energy, to develop and interpret data and share recommendations, to report on savings and achievements and to educate and engage parents and community members.”

For more information about the Alliance to Save Energy’s Green Schools Program, visit http://ase.org/programs/green-schools-program.

Lockheed Martin is an Associate member of the Alliance, a nonprofit that promotes energy efficiency. For more information about Lockheed Martin’s Energy Solutions, visit http://www.lockheedmartin.com/energysolutions

The Alliance to Save Energy is a coalition of prominent business, government, environmental and consumer leaders who promote the efficient and clean use of energy worldwide to benefit consumers, the environment, the economy and national security.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 123,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s net sales for 2011 were $46.5 billion.