Lockheed Martin signed a contract with Victorian Wave Partners Ltd. to begin developing the world's largest wave energy project announced to date. The 62.5-MW peak power wave energy generation project will be built off the coast of Victoria, Australia, using the PowerBuoy wave energy converter technology of Ocean Power Technologies (OPT). The project is scheduled to be built up in three stages, with the first stage producing approximately 2.5-MW peak power. In this project, Lockheed Martin will provide overall project management, assist with the design for manufacturing of the PowerBuoy technology, lead the production of selected PowerBuoy components and perform system integration of the wave energy converters.
