Lockheed Inks Deal to Produce Energy from Ocean Waves in Australia

Top U.S. arms maker Lockheed Martin Corp on Tuesday said it had signed an agreement with a unit of Ocean Power Technologies to harness the motion of ocean waves to generate electricity off the coast of Victoria, Australia.  Ocean Power Technologies is based in Delaware.

The $205.68 million deal will produce the world's largest wave energy project using power buoys designed by Ocean Power Technologies that tap energy from the surface motion of waves.

Once completed around 2018 or 2019, the project will generate 62.5 megawatts of peak power, enough to meet the needs of 10,000 homes, Lockheed said.  That is about one-third the capacity of a small coal-fired power plant in the United States.

Energy from ocean waves is more predictable than wind and solar energy, and can generate electricity for more hours in the year than other alternate energy sources, Lockheed said.

Lockheed Inks Deal to Produce Energy from Ocean Waves in Australia