Saturday, October 17, 2009
Ocean Power Technologies in Lockheed deal
OceanPower has signed an engineering agreement with Lockheed Martin to produce its PowerBuoys in quantity on a utility scale.
OceanPower is developing power systems that use wave movement via offshore buoys to generate electricity. It will work with Lock heed to develop wave power systems on a utility scale. The project contemplates a 10MW power station covering 30 acres off the US west coast.
OceanPower has signed similar agreements with Idemitsu Kosan, the energy company; Mitsui Engineering and Shipbuilding; and Japan Wind Development.
OceanPower also has announced a $2.4m contract with the US Navy, which is developing systems powered by buoys in order to enhance the protection of US ports from terrorist attack.
Posted by Richard Wottrich at 6:28 AM