Lockheed Martin has won a contract from Victorian Wave Partners, a special purpose company owned by Ocean Power Technologies Australasia (OPT), to begin development of a wave energy project in Australia.

Ocean Power

The scope of the contract includes providing 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.

Lockheed Martin Mission Systems and Training ocean energy director Tim Fuhr said the company will apply its design and system integration expertise to commercialize emerging alternative energy technologies, including ocean power.

"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," added Fuhr.

To be built off the coast of Victoria, Australia, the 62.5MWp project is claimed to be the world’s largest wave energy project.

Equipped with PowerBuoy wave energy converter technology of OPT, the project is likely to generate enough energy to meet the needs of 10,000 homes, and will also significantly contribute to Australia’s 20% renewable energy target by 2020.

Supported by a grant from Australian Renewable Energy Agency, the project is being built in three stages with the first stage producing around 2.5MWp power.

OPT CEO Charles Dunleavy said the company will be working with Lockheed Martin in connection with the project.

"Development of this project draws on core strengths of both our companies and represents an important undertaking for commercialization of the PowerBuoy technology," added Dunleavy.

Image: Wave power uses special buoys that use the rising and falling of ocean waves to generate electricity. Photo: courtesy of Lockheed Martin.