Lockheed Martin, Victorian Wave partner on project
BALTIMORE (AP) — Lockheed Martin and Victorian Wave Partners Ltd. have agreed to work together to develop the world's largest wave energy project.
Shares of Ocean Power Technologies Inc., whose technology will be used in the project, surged 80 percent on Tuesday.
The companies say the 62.5-megawatt peak power project is a significant step toward making ocean energy commercially available. Once complete, the project is expected to produce enough energy to meet the needs of 10,000 homes.
Lockheed, based in Bethesda, Md., said Tuesday that the project will be built off the coast of Victoria, Australia. It will use the PowerBuoy wave energy converter technology of Ocean Power Technologies, a Pennington, N.J., company that owns Victorian Wave.
Lockheed will provide overall project management. Victorian Wave Partners will provide its wave energy technology expertise.
Wave power devices typically extract energy from the surface motion of ocean waves. The buoy moves up and down with the rise and fall of the waves and this mechanical energy drives an electrical generator, which transmits power to shore through an underwater cable.
Lockheed said that the devices are generally quieter and less visually obtrusive than wind power turbines. The PowerBuoy stands about 30 feet above the waterline and is typically three miles offshore, it said.
Ocean Power Technologies shares jumped $1.85 to $4.15 in afternoon trading.
Lockheed Martin Corp. was up $3.68, more than 2.5 percent, to $157.66.