Lockheed, OPT partner on utility-scale wave energy

Bethesda, Md.-based Lockheed Martin (NYSE: LMT) and Pennington, N.J.-based Ocean Power Technologies (Nasdaq: OPTT) said today they plan to co-develop a utility-scale wave power project in North America.

It's the first time the two companies have worked together on a utility-scale project, but Lockheed and OPT are already co-developing systems for the U.S. homeland security and maritime surveillance using OPT's wave energy system and Lockheed's acoustic sensors, signal processing and communications systems (see U.S. Navy considering OPT to power sensor network).

The utility-scale project is planned for the coasts of California or Oregon using OPT's PowerBuoy wave energy system. OPT plans to provide the technology, develop the site, and build the power take-off and control systems. Lockheed plans to build, deploy, operate and maintain the project, as well as integrating systems.

It's not Lockheed's first foray into renewable energy projects. In November 2007, Lockheed and Starwood Energy Group announced plans for utility-scale solar projects in North America (see Lockheed Martin, Starwood Energy to pursue utility scale solar). Starwood Energy is the energy investment arm of private equity firm Starwood Capital Group Global.

In December 2008, Lockheed Martin broke ground for construction of a solar power test bed to support these efforts, demonstrating its systems engineering and resources commitment to the renewable power generation market.

In December, OPT said it was operating with an $8 million backlog of orders as it focuses efforts on bringing its 150 kilowatt PowerBuoy into production for the utility-scale power generation market during the next year (see OPT records $8M backlog for wave-energy devices). Design of the PB150's structural elements was planned to be completed in 2008, with components manufacturers expected to begin production before the end of 2009.

The company's 40 kW PowerBuoy is capable of providing autonomous power for deepwater use in applications such as aquaculture, homeland security, offshore oil and gas, and hydrogen production.