OPT and Lockheed link for 19MW Australian wave project

The modular PowerBuoy system converts the rising and falling of waves into energy using mechanical stroking technology

OPT

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Richard A. Kessler

 Wednesday, July 11 2012

Updated: Friday, December 21 2012

Ocean Power Technologies (OPT) and Lockheed Martin have entered into an agreement to advance a 19MW wave-energy project off the state of Victoria, Australia, that is likely to cost more than A$200m ($204.9m).

The project is to be developed by a special-purpose Australian company, Victorian Wave Partners, owned by OPT.

Australia’s Department of Resources, Energy and Tourism had previously announced a A$66.5m grant to help fund the project. Terms of the grant require that the partners obtain significant additional project financing in order to receive it.

OPT and Lockheed Martin, among the largest US defence contractors, are pursuing power purchase agreements with local industry and utilities, and also “assessing” opportunities to raise additional financing, according to a statement. Plans call for construction…

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