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Lockheed and Ocean Power Plan World’s Biggest Wave-Energy Plant

Lockheed Martin Corp., the world’s largest defense contractor, and Ocean Power Technologies Inc. agreed to jointly develop the world’s largest wave-energy project off the coast of Australia.

The 62.5-megawatt project will be built off the coast of Victoria in three stages using Ocean Power equipment, Bethesda, Maryland-based Lockheed said today in a statement.