DTN News: U.S. Navy Awards Lockheed Martin $8 Million Contract To Advance Ocean Thermal Energy Conversion Technology

DTN News: U.S. Navy Awards Lockheed Martin $8 Million Contract To Advance Ocean Thermal Energy Conversion Technology *Source: DTN News / Lockheed Martin (NSI News Source Info) MANASSAS, VA, - October 1, 2009: The U.S. Naval Facilities Engineering Command (NAVFAC) recently awarded Lockheed Martin [NYSE: LMT] an $8.12 million contract to further develop Ocean Thermal Energy Conversion (OTEC) technology, which leverages the temperature difference between warmer water at the ocean’s surface and colder water below to produce renewable and reliable power. Under the contract, a Lockheed Martin-led industry team will develop critical OTEC system components and further mature its design for an OTEC pilot plant, an incremental step in developing large-scale utility plants. A key part of maturing the plant design includes developing an interface between the system’s cold water pipe and the platform. “OTEC has the potential to play a critical role in securing our nation’s and our military’s energy needs,” said Rich Lockwood, vice president of Lockheed Martin’s New Ventures line of business. “This contract provides Lockheed Martin the opportunity to further demonstrate the feasibility of generating electricity from the ocean in an environmentally benign way.” Lockheed Martin's experience with OTEC technology dates back to the 1970s when the company built “Mini-OTEC.” This early prototype remains the world’s only floating OTEC system to generate power in excess of what is required for self-sustainment. Since that time, Lockheed Martin has continued to mature and validate the critical technologies necessary for an OTEC system that could generate a utility-scale power supply. In 2008, Lockheed Martin was awarded a U.S. Department of Energy contract to demonstrate a modern fabrication approach for a cold water pipe, a key component of the OTEC system. In addition to its work on OTEC, Lockheed Martin is working with its customers to address the nation’s energy and climate challenges in the areas of next-generation alternative energy, energy efficiency, storage and climate monitoring. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.