Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Lockheed and Ocean Power Plan World’s Biggest Wave-Energy Plant

Feb. 11 (Bloomberg) -- Lockheed Martin Corp., the world’s largest defense contractor, and Ocean Power Technologies Inc. agreed to jointly develop the world’s largest wave-energy project off the coast of Australia.

The 62.5-megawatt project will be built off the coast of Victoria in three stages using Ocean Power equipment, Bethesda, Maryland-based Lockheed said today in a statement.

The completed project will power about 10,000 homes as part of Australia’s effort to generate 20 percent of its electricity from renewable sources by 2020. It’s intended to showcase the commercial viability of using the motion of the seas as a source of electricity, Lockheed said.

Ocean Power’s PowerBuoys move up and down as waves rise and fall, converting mechanical energy into electricity that’s sent to shore through underwater cables. The project is receiving funding from the Australian Renewable Energy Agency.

To contact the reporter on this story: Justin Doom in New York at

To contact the editor responsible for this story: Reed Landberg at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.