In this project, Lockheed Martin will provide overall project management, assist with the design for manufacturing of the PowerBuoy technology, lead the production of selected PowerBuoy components and perform system integration of the wave energy converters. Once completed, the project is expected to produce enough energy to meet the needs of 10,000 homes in Australia.
“We are applying our design and system integration expertise to commercialise 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 Ocean Power Technologies and Australian industry, and enables us to demonstrate a clean, efficient energy source for Australia and the world.”
Charles F. Dunleavy, chief executive officer of Ocean Power Technologies, said development of this project draws on core strengths of both companies involved in the deal and represents an important undertaking for commercialisation of the PowerBuoy technology.1
As this project also contributes to Australia’s goal of 20 per cent renewable energy by 2020, it has received significant grant support from ARENA , the Australian Renewable Energy Agency.
- Wave power devices extract energy from the surface motion of ocean waves. In addition, wave power devices are typically quieter and much less visually obtrusive as compared to wind turbines, which typically run more than 130 feet in height. In contrast, a PowerBuoy is only 30 feet in height above the waterline and is barely visible, as it is typically three miles offshore. Energy derived from ocean waves is also very predictable, according to Ocean Power Technologies, and can generate electricity for more hours in the year than wind and solar.