Executive Insight, Hydro, Renewable Energy

Lockheed Martin, Ocean Power Technologies to build ocean energy project

Lockheed Martin and marine energy company Ocean Power Technologies agreed to build a $205.68 million wave power project off Victoria, Australia.

The project will use Ocean Power‘s PowerBuoy system that can generate electric power from the motion of ocean waves. The project will generate about 62.5 MW of renewable power.

Lockheed Martin signed the agreement with Victorian Wave Partners. The company will manage the project and supply some components.

In past years, Lockheed Martin has worked with Ocean Power on smaller, pilot-scale marine energy projects for the Department of Energy (DOE).

According to Lockheed Martin, wave energy is a more predictable resource than solar or wind energy.