Defense major Lockheed Martin Corp. (LMT) has acquired Cambridge, MA-based energy storage and conversion technology developer Sun Catalytix Corp. for an undisclosed amount. This addition enhances Lockheed Martin’s potential in the field of energy management and efficiency.
The purchase comprises some intellectual property, contracts, facilities and the transfer of Sun Catalytix's approximately 25 employees to Lockheed Martin. Sun Catalytix will operate as an affiliate of Lockheed Martin through its Missiles and Fire Control business under the name Lockheed Martin Advanced Energy Storage LLC.
Founded by Professor Daniel Nocera, Sun Catalytix’s current work is focused on designing, synthesizing and conducting electrochemical testing of an energy storage chemistry derived from earth-abundant materials.
Lockheed Martin is showing a keen interest in energy efficiency programs. The company has teamed up with NASCAR and the American Council On Renewable Energy (ACOR) to boost renewable energy generation efforts.
While many investors count on contract wins to gauge the performance of Pentagon’s foremost contractor, Lockheed Martin it seems has also chosen to ‘Go Green’ for a cleaner tomorrow. Earlier this year, the company in partnership with a unit of Ocean Power Technologies Inc. – Victorian Wave Partners Ltd. – planned to generate electricity off the coast of Victoria, Australia in what will be the world’s largest wave energy project.
In Apr 2013, Lockheed Martin had entered into an agreement with Reignwood Group to develop an Ocean Thermal Energy Conversion (:OTEC) pilot power plant located off the coast of southern China. Per the agreement, this offshore plant with an electric generation capacity of 10 MW will be designed by Lockheed Martin. The plant will supply all the power for a green resort built by Reignwood Group.
The company presently retains a Zacks Rank #2 (Buy). Other stocks worth considering are Zacks Ranked #1 (Strong Buy) Air Industries Group (AIRI) and Zacks Ranked #2 (Buy) The Boeing Co. (BA) and General Dynamics Corp. (GD).