Lockheed Martin and Victorian Wave Partners Ltd. have agreed to work together to develop the world's largest wave energy project.
Shares of Ocean Power Technologies Inc., whose technology will be used in the project, surged 80 percent on Tuesday.
The companies say the 62.5-megawatt peak power project is a significant step toward making ocean energy commercially available. Once complete, the project is expected to produce enough energy to meet the needs of 10,000 homes.