Bloomberg News

Lockheed Martin to Work With Atlantis on Ocean Energy Systems

September 27, 2013

Lockheed Martin Corp. (LMT:US), the largest defense contractor, will work with a U.K. tidal energy-turbine maker to develop and test the technology as it comes to market.

Lockheed will work with Atlantis Resources Corp. to design, develop and engineer a 1.5-megawatt turbine to be installed in Canada’s Fundy Ocean Research Center in early 2015, the London-based tidal-power company said today in an e-mailed statement.

“Tidal energy is a very large, almost untapped, resource available on a global scale,” Tim Fuhr, director of ocean energy programs at Lockheed Martin, said in the statement.

The agreement between the two companies, working together since 2011, will also see turbines used at the MeyGen project in northern Scotland after planning consent was received Sept. 16.

MeyGen Ltd., a venture between Atlantis, Morgan Stanley (MS:US) and GDF Suez (GSZ), will install turbines, starting with a 9-megawatt demonstration, possibly expanding eventually to 398 megawatts.

Lockheed Martin has provided engineering expertise for other marine energy projects. In 2011, it agreed to work with Ocean Power Technologies Corp. on a commercial-scale wave power development in Oregon. In April, the company said it was working with Reignwood Group to develop a plant in southern China that would produce power using differences in sea temperature.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • LMT
    (Lockheed Martin Corp)
    • $196.43 USD
    • 0.66
    • 0.34%
  • MS
    (Morgan Stanley)
    • $38.81 USD
    • -0.14
    • -0.36%
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