OPT, a technology and development company headquartered in Pennington, N.J., and Lockheed Martin, a global security company headquartered in Bethesda, Md., said they signed a letter of intent for the project.
The companies did not identify the size of the prospective project, but said they expect to build off the coast of either California or Oregon. OPT already is familiar with areas off the coast of Oregon, where it is developing the 2.1-MW Reedsport wave power project. (HNN 10/3/08)
The parties said they envision an agreement in which OPT would provide its project and site development expertise, build plant systems, and provide its proprietary PowerBuoy technology. Lockheed Martin would provide construction, systems integration, and plant deployment. Lockheed Martin also would provide operations and maintenance services.
The agreement would build upon the companies' previous work together on systems for U.S. homeland security and maritime surveillance. That work involved OPT's PowerBuoy, integrated with Lockheed Martin's advanced acoustic sensors, signal processing, and communications systems.
The PowerBuoy wave generation system uses a �smart� buoy to capture and convert wave energy into electricity, which is transmitted to shore through an underwater power cable. (HNN 11/17/08)