Lockheed Martin to Build World’s Largest Wave Power Facility in Australia

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The world’s largest defense contractor, Lockheed Martin Corp. (NYSE:LMT), better known for its military weaponry programs, is beginning to back renewable energy.

On February 11, the Bethesda, Maryland-based Lockheed Martin Corp. announced that it signed a contract to develop a 62.5-megawatt peak power wave energy generation project off Victoria, Australia, calling it a “significant step toward making ocean energy commercially available.” The facility will be the world’s largest wave energy project. Lockheed Martin’s Mission Systems New Ventures office and Training Baltimore signed the deal with Victorian Wave Partners Ltd. to develop the facility.

Lockheed Martin’s Mission Systems and Training business ocean energy director Tim Fuhr said, “We are applying our design and system integration expertise to commercialize promising, emerging alternative energy technologies, including ocean power.”

The Victoria project utilizes a wave energy converter buoy developed by Ocean Power Technologies of Pennington, New Jersey. As the buoy moves up and down on waves, its kinetic energy turns an electrical generator; its power is transmitted onshore via underwater cables.

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