The companies say the 62.5-megawatt peak power project is a significant step toward making ocean energy commercially available. Once complete, the project is expected to produce enough energy to meet the needs of 10,000 homes.
Lockheed, based in
Lockheed will provide overall project management.
Wave power devices typically extract energy from the surface motion of ocean waves. The buoy moves up and down with the rise and fall of the waves and this mechanical energy drives an electrical generator, which transmits power to shore through an underwater cable.
Lockheed said that the devices are generally quieter and less visually obtrusive than wind power turbines. The PowerBuoy stands about 30 feet above the waterline and is typically three miles offshore, it said.
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