The New Ventures office of Lockheed Martin's Mission Systems and Training Baltimore site signed the deal with Victorian Wave Partners Ltd. to develop a 62.5-megawatt peak power wave energy generation project.
The project will use a wave energy converter buoy pioneered by Ocean Power Technologies of Pennington, N.J. As the buoy moves up and down on waves, the mechanical energy drives an electrical generator, which is sent to shore through underwater cables.
The project is to be built up in three stages, with the initial phase producing about 2.5-megawatt peak power. Once completed, it is expected to produce enough energy to meet the needs of 10,000 homes.
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