Pennington firm plans to develop a 10-megawatt network of PowerBuoys.Lockheed Martin said Tuesday it signed an agreement with PenningtonÂs Ocean Power Technologies Inc. to develop ocean wave energy systems for use at utility scale in the future.
Ocean PowerÂs PowerBuoy system harnesses the rise and fall of ocean waves to generate electricity for energy needs. Lockheed Martin, which has local operations in Moorestown, said it will offer testing and analysis, systems integration, and manufacturing services to develop the PowerBuoy technology for utility-scale energy needs. Ocean Power plans to develop a 10-megawatt network of PowerBuouys across 30 acres of ocean, enough power to supply some 4,000 homes.
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