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Ocean Power Technologies, Inc. (OPTT) Teams up with Lockheed Martin to Bring Utility-Scale Wave Power to Oregon via a PowerBuoy Array

Ocean Power Technologies announced collaboration with global security and information technology powerhouse, Lockheed Martin, which will provide their substantial expertise and logistical support for advancing the Company’s proposed Reedsport, Oregon, commercial-scale wave power generation project.

This effort will capitalize on previous collaborative efforts between the two companies, with Lockheed bringing vast design, systems integration, manufacturing and supply chain competencies to bear on helping to perfect OPTT’s PowerBuoy® technology. This effort comes fast on the heels of the award of a $2.4M DOE contract to the Company, as part of US Secretary of Energy Steven Chu’s renewable marine energy initiative (announced Sept. 2010).

CEO of OPTT, Charles Dunleavy, emphasized the technical innovation brought to bear on the utility market by the Company, explaining that essential categories like improved power conversion efficiency, lower manufacturing and operating costs and overall reliability, were primary targets.

Dunleavy, pointing to the roll out of the PB150 PowerBuoy product over the next few years, explained that the evolutionary design process would be essential to the successful launch of a 500kW, next-gen system (already under development). This process will of course be sped along by the assistance of technology manufacturing powerhouse Lockheed, who are themselves no strangers to the renewable energy systems sector, allowing OPTT to capture significantly more market space, while cementing the relationship with the US DOE.

This is very exciting news for wave power enthusiasts and investors worldwide as OPTT stands poised to commercialize some of the most advanced renewable wave power generation systems ever made. With the serious backing of DOE and Lockheed Martin ensuring a fertile logistical framework for advancing the state of the art in the commercial space, OPTT and its investors are extremely well-positioned in this exciting sector.

Renewable energy systems like wave power generation are key parts of a future energy solution and the companies which are able to successfully commercialize truly captivating and useful products in this space are destined to make some serious waves globally. Moreover, the core technology itself taps into one of the largest sources of abundant renewable kinetic energy on the planet, tidal forces in the planet’s waters, a renewable resource essentially untouched on the commercial scale in the modern era.

The steel structural components of the Oregon PB150 PowerBuoy are up and testing at OPTT’s lab, which is capable of simulating the conditions off the Oregon coast, has already begun on the advanced power take-off and control system. Confidence is high going into the next few months, as assembly, systems integration and land testing are all slated.

When fully realized, the Oregon project will consist of a 10-buoy, 1.5MW (peak) array capable of generating power for about 1,500 Oregonian homes, truly a marvel of modern technology and a clear sign of continued commitment by the US Government for developing 21st century energy solutions.

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