Lockheed Martin, Victorian Wave Partners sign deal for Australian wave energy project

OPT PowerBuoy

Lockheed Martin and Victorian Wave Partners Ltd. have signed a contract for the development of a 62.5 MW ocean energy station off the cost of Victoria, Australia.

VWP is a wholly-owned subsidy of Ocean Power Technologies, which signed an agreement with the Australian Renewable Energy Agency (ARENA) allowing for the project's construction in January.

OPT -- developer of the "PowerBuoy" generating unit -- said the US$203.6 million project could eventually include as many as 28 of the generators, making it the largest such installation of its kind in the world.

Per the agreement, Lockheed Martin will provide overall project management, assist with the design for manufacturing the PowerBuoy units, lead in the production of selected PowerBuoy components and perform system integration of the wave energy converters.

"We are pleased to be working with Lockheed Martin in connection with this exciting project in Australia," OPT CEO Charles F. Dunleavy said. "Development of this project draws on core strengths of both our companies and represents an important undertaking for commercialization of the PowerBuoy technology."

Lockheed Martin was announced as the project's "lead for systems integration" in July 2013.

"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."

For more marine and hydrokinetics news, visit here.

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