Ocean Power and Lockheed Martin to develop 19 MW wave-energy project in Australia

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Ocean Power and Lockheed Martin to develop 19 MW wave-energy project in Australia

Greentech Lead Asia: Ocean Power Technologies and
Lockheed Martin have joined hands to develop a 19 MW wave-energy project in
Victoria, Australia.

This is one of the largest wave-energy projects announced
to date, and leverages a grant from the Commonwealth of Australia.

Lockheed Martin will assist with the design of Ocean
Power Technologies’ (OPT) PowerBuoy technology, lead the production and system
integration of the wave-energy converters and support overall program

Lockheed Martin and OPT have been collaborating since
2004, first on the development of an Advanced Deployable System for the U.S.
Navy and most recently to design and launch utility-scale wave energy
converters off the coast of Reedsport, Oregon.

“Lockheed Martin is applying its expertise to
commercialize promising, emerging alternative energy technologies. We see great
potential in harnessing the vast power of the ocean. By working with OPT and
Australian industry on this project, we will advance wave energy in Australia
and globally,” said Dan Heller, vice president of new ventures for
Lockheed Martin’s Mission Systems & Sensors business.

Wave energy has the potential to produce around 2,000
terawatt hours of electricity a year, or enough power to meet 10 percent of the
world’s current energy needs, according to the World Energy Council.

Australia has very attractive wave resources.

“Lockheed Martin’s commitment to alternative energy
and its engineering, production, and systems integration expertise will provide
momentum to our Australia initiatives, where both companies see great potential
for large-scale wave energy generation. We also appreciate the Commonwealth
government’s continued support of this project, which we expect to create a
significant number of local jobs as we develop and maintain operations over the
life of the power station,” said Charles F Dunleavy, chief executive
officer of OPT.

Funding for the project, which is to be located off
the coast of Portland, Victoria, also includes a previously announced
grant of A$66.5 million ($65.3 million USD) from

Commonwealth of Australia’s Department of Resources,
Energy and Tourism are offering a grant of $65.3 million.

The project will to be developed by a special purpose
Australian company, Victorian Wave Partners, owned by Ocean Power Technologies
(Australasia).  The partners are assessing financing opportunities for the
project and pursuing power purchase agreements with local industry and

[email protected]

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