NewEnergyNews: LOCKHEED IN LANDMARK $200MIL WAVE ENERGY DEAL

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  • The Future Of Wind

    Thursday, February 20, 2014

    LOCKHEED IN LANDMARK $200MIL WAVE ENERGY DEAL

    Lockheed inks deal to produce energy from ocean waves in Australia

    Andrea Shalal-Esa, February 11, 2014 (Reuters)

    “Top U.S. arms maker Lockheed Martin Corp…signed an agreement with a unit of Ocean Power Technologies Inc to harness the motion of ocean waves to generate electricity off the coast of Victoria, Australia…The A$230 million ($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…The agreement is part of a drive by Lockheed - the maker of F-35 fighter jets and coastal warships - to expand its foothold in the alternative energy business as it seeks to offset a slump in U.S. and European military budgets…[It signed last year] with Chinese consumer firm Reignwood Group to design the biggest power station fueled by differences in ocean temperatures…[and] has projects based on tidal power…” click here for more

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