The two companies have been working together since 2004 with Lockheed Martin assisting in the design of OPT’s PowerBuoy technology and leading the production and system integration of the wave energy converters.
The development off the coast of Portland in the province of Victoria is one of the largest planned to date and will be partially funded by a $65.3 million grant from the Commonwealth of Australia.
OPT initially deployed one its wave-energy converters for the US Navy off the Pacific coast and is now developing a utility-scale array off the coast of Reedsport in Oregon. The company is also in the process of deploying its PowerBuoy technology in Scottish waters for testing.
“We see great potential in harnessing the vast power of the ocean,” says Dan Heller, vice president of new ventures at Lockheed Martin. “By working with OPT and Australian industry on this project, we will advance wave energy in Australia and globally.”
CEO of OPT, Charles F. Dunleavy, says he expects the development to create a significant number of local jobs during construction and afterwards to maintain operations.