Wave-energy project to go ahead in Victoria

Ocean Power Technologies (OPT) and Lockheed Martin have formed a partnership to capture the ocean’s energy. The partnership, which has received a $66.5 million government grant, aims to develop a 19 MW wave-energy project off the coast of Portland, Victoria.

The project is reported to be one of the largest wave-energy projects announced to date.

Lockheed Martin will assist with the design of Ocean Power Technologies’ PowerBuoy technology, lead the production and system integration of the wave-energy converters and support overall program management.

“Lockheed Martin is applying its expertise to commercialise promising, emerging alternative energy technologies,” said Dan Heller, vice president of new ventures for Lockheed Martin’s Mission Systems & Sensors business. “We see great potential in harnessing the vast power of the ocean. By working with OPT and Australian industry on this project, we will advance wave energy in Australia and globally.”

Both OPT and Lockheed Martin see significant potential for large-scale wave energy generation in Australia, said Charles F Dunleavy, CEO of OPT. “We also appreciate the Commonwealth government’s continued support of this project, which we expect to create a significant number of local jobs as we develop and maintain operations over the life of the power station,” Dunleavy said.

The project will be developed by a special-purpose Australian company, Victorian Wave Partners, which is owned by OPT Australasia. The partners are said to be assessing financing opportunities for the project and are pursuing power purchase agreements with local industry and utilities.