On the heels of signing a contract to construct the world's largest Ocean Thermal Energy Conversion (OTEC) power plant, Lockheed Martin announced that it has signed a contract with Victorian Wave Partners Ltd. to begin developing the world's largest wave energy project announced to date.
The 62.5-megawatt 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. Contributing to Australia's goal of 20 percent renewable energy by 2020, the project is expected to produce enough energy to meet the needs of 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.""
The company's PowerBuoy wave generation technology uses 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 waves. This mechanical energy drives an electrical generator, which transmits power to shore via an underwater cable.
Source and Image Credit: Lockheed Martin
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