ocean energy

Fresh after signing a contract to develop the world’s largest Ocean Thermal Energy Conversion plant, Lockheed Martin has now signed a contract to begin developing the world’s largest wave energy project

The 62.5MW peak power wave energy generation project will be built off the coast of Victoria, Australia, using Ocean Power Technologies (OPT) PowerBuoy wave energy converter technology. The project will contribute to Australia’s goal of 20 percent renewable energy by 2020 and is expected to generate enough energy to supply 10,000 homes.

“We are applying our design and system integration expertise to commercialize promising, emerging alternative energy technologies, including ocean power” said Tim Fuhr, director of ocean energy for Lockheed Martin’s Mission Systems and Training business. “This project extends our established relationship with OPT and Australian industry and enables us to demonstrate a clean, efficient energy source for Australia and the world.”

Victorian Wave Partners Ltd is an Australian special purpose company owned by Ocean Power Technologies Australasia Pty Ltd. As a leader in wave energy technology development, OPT will lead the project, while Lockheed Martin will provide overall project management, assist with the design for manufacturing of the PowerBuoy technology, lead the production of selected PowerBuoy components and perform system integration of the wave energy converters.

The two companies have been collaborating since 2004, most recently to design and launch utility-scale wave energy converters.

Charles F. Dunleavy, chief executive officer of OPT, added that the development of the project will draw on the core strengths of both companies and represents an important undertaking for the commercialization of the PowerBuoy technology. The device consists of a ‘smart’ ocean-going buoy to convert wave energy into low-cost clean electricity. The buoy moves up and down with the rising and falling of the waves and the mechanical energy from this drives an electrical generator. This in turn transmits power to shore via an underwater cable.

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Lockheed Martin

Ocean Power Technologies (OPT)