Funding for the project includes $66.5 million from the Federal Department of Resources, Energy and Tourism through the Renewable Energy Demonstration Program.
The Portland Wave Energy Project will be developed through a special-purpose company, Victorian Wave Partners, which is 100 per cent-owned by Ocean Power Technologies.
Manufacturing and development of the project is planned to commence in 2013, and deployment of the 28 buoys for the project is expected to be complete in 2017.
Lockheed Martin will assist with the design of Ocean Power Technologies’ PowerBuoy technology for the project, and will lead the production and system integration of the wave energy converters as well as supporting overall program management.
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Lockheed Martin and Ocean Power Technologies have been collaborating since 2004, first on the development of an Advanced Deployable System for the United States Navy and most recently to design and launch utility-scale wave energy converters off the coast of Oregon, United States.
A funding deed for the project sets out the terms of the grant, including the requirement to obtain significant additional project financing.
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