LOCKHEED MARTIN INTO THE WAVES

Ocean Power Technologies and Lockheed Martin Developing Utility-Scale Wave Power System
October 13, 2009 (PR Newswire via Reuters)

"Lockheed Martin…and Ocean Power Technologies, Inc. (OPT)…have signed a commercial engineering services agreement to develop OPT's wave energy systems for use in future utility-scale power generation projects.

"…Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's innovative PowerBuoy® wave power generation technology to utility-scale…This critical step will allow the two companies to pursue future utility-scale power generation projects in North America…"

PowerBuoy (click to enlarge)

"OPT's proven PowerBuoy technology uses "smart" buoys, based on integrated patented hydrodynamics, electronics, energy conversion and computer control systems, to capture and convert energy from the natural rising and falling of waves into low-cost, clean electricity. The generated power is transferred ashore via an underwater power transmission cable. A future 10-Megawatt utility power station comprised of floating PowerBuoy systems would occupy approximately 30 acres (0.125 square kilometers) of ocean space. Such a plant would generate electricity for approximately 4,000 homes…"

click to enlarge

"In addition to its collaboration with OPT, Lockheed Martin is addressing the nation's energy and climate challenges with work in areas including next-generation alternative energy, energy efficiency, energy storage and climate monitoring…

"Ocean Power Technologies, Inc. is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity…Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion."