Lockheed Martin has entered into a $206 million partnership agreement with an Ocean Power Technologies subsidiary for a wave energy generation project off the coast of Australia, Reuters reported Tuesday.
Andrea Shalal-Esa writes Lockheed and OPT unit Victorian Wave Partners intend for the venture to produce up to 62.5 megawatts of electricity using ocean waves.
The project is scheduled for completion between 2018 and 2019.
“Ocean energy is a tremendously large, untapped resource which has global applicability,” Tim Fuhr, Lockheed director for ocean energy, told Reuters.
“You can pretty much get ocean energy on coastlines around the world. It’s essentially clean and the fuel is free,” Fuhr added, according to the report.
Lockheed will manage the project, integrate renewable energy converters and help OPT design power buoys, Shalal-Esa writes.
The company has invested millions of dollars in alternative power sources in an effort to establish a larger foothold in the energy market.