Benzinga | Jan 13, 2022 02:35PM EST

Eco Wave Power, Ocean Power Technologies Join Forces To Accelerate Wave Energy Projects

* Eco Wave Power Global AB (NASDAQ:WAVE) and Ocean Power Technologies Inc (NYSE:OPTT) plan to utilize their complementary technologies and skills to accelerate wave energy projects under an agreement previously signed.

* The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance to enter new markets.

* The parties intend to develop joint solutions using each company's respective offshore and onshore technologies and leveraging OPT's offshore engineering and newly acquired robotics capabilities in Eco Wave Power's applicable projects.

* Price Action: WAVE shares are trading lower by 0.36% at $5.55 and OPTT higher by 0.37% at $1.36 on the last check Thursday.