Like Exxon, Lockheed Martin Corp. is not usually associated with environmental friendliness, but it can now be counted as another large corporation that has discovered that adding some green projects to their portfolio is both good for the planet and their bottom line.
Lockheed is partnering with wave power company Ocean Power Technologies to develop a utility-scale project off the coast of California or Oregon. Lockheed will construct and run the project while Ocean Power will provide its Powerbuoy generators.
This is the second big partnership for Ocean Power, which recently announced a contract with the Navy to harness wave energy for coastal military bases. The company already has Powerbuoys deployed in Hawaii, Spain and New Jersey, but Spain is its only commercial project to date. The Lockheed-Ocean Power project would be the first commercial wave farm in the U.S. A project planned for the California coast by Finavera Renewables is no longer being developed.
Lockheed is making a smart investment by getting into wave power. Oceans are considered to be one of the most powerful sources of energy on earth and studies have shown that harnessing that energy could power the world twice over.
written by sdf, February 04, 2009
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