Saturday, October 17, 2009

Ocean Power Technologies in Lockheed deal

By Richard L. Wottrich, Blog Editor

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.

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