Wave-energy project to be developed in Victoria

Wave-energy technology company Ocean Power Technologies (OPT) and global security company Lockheed Martin have entered into a teaming agreement with the goal of developing a 19 MW wave-energy project in Portland, Victoria. It is said to be one of the largest wave-energy projects announced to date and could provide energy to approximately 10,000 homes.

According to the World Energy Council, wave energy has the potential to produce around 2000 TWh of electricity a year, or enough power to meet 10% of the world’s current energy needs. In Australia, which has very attractive wave resources, this percentage could be significantly higher.

For the project, Lockheed Martin will assist with the design of Ocean Power Technologies’ PowerBuoy technology, lead the production and system integration of the wave-energy converters and support overall program management. The project will be developed by a special-purpose Australian company, Victorian Wave Partners (VWP), which is owned by OPT Australasia.

An OPT PowerBuoy.

Manufacturing and development of the project is planned to commence in 2013 and deployment of the 28 PowerBuoys is expected to be completed in 2017. A significant number of jobs are expected to be created associated with fabrication, deployment and maintenance operations over the life of the power station.

“Lockheed Martin is applying its expertise to commercialise promising, emerging alternative energy technologies,” said Dan Heller, vice president of new ventures for Lockheed Martin’s Mission Systems & Sensors business. “We see great potential in harnessing the vast power of the ocean. By working with OPT and Australian industry on this project, we will advance wave energy in Australia and globally.”

Funding for the project includes a grant of $66.5 million from the Department of Resources, Energy and Tourism. A funding deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.

OPT founder and VWP Chairman Dr George W Taylor said, “The federal government’s grant to Victorian Wave Partners through the Renewable Energy Demonstration Program is visionary and is the most significant support for wave power provided anywhere in the world. Wave-power developments are gathering pace here - spurred on by excellent wave-energy resources and positive messages from the federal and, more recently, state governments.”