Lockheed Martin has signed a memorandum of agreement with Reignwood Group to build an offshore plant in China intended to generate power through variations in ocean temperature.
The 10-megawatt facility will feature Lockheed’s ocean thermal energy conversion technology and supply power to a green resort being developed by Reignwood Group in southern China, Lockheed said Tuesday.
“Constructing a sea-based, multi-megawatt pilot OTEC power plant for Reignwood Group is the final step in making it an economic option to meet growing needs for clean, reliable energy,“ said Dan Heller, vice president of new ventures for Lockheed’s mission systems and training business.
According to Lockheed, the technology could encourage development of more OTEC power plants with generation capacity of up to 100 megawatts and valued at up to several billion dollars.
Each 100-megawatt facility is intended to produce 1.3 million barrels of oil, decrease carbon emissions by half a million tons and save up to $130 million per year in fuel costs, the company says.
Lockheed and Reignwood Group plan to utilize the knowledge they will gain from the OTEC project for constructing other similar commercial-scale plants during the next 10 years.