Lockheed Martin (NYSE: LMT) has recently received a contract from the U.S. Navy to further develop Ocean Thermal Energy Conversion (OTEC) technology. The contract awarded was for $8.12 million. OTEC leverages the temperature difference between warmer water at the ocean's surface and colder water below to produce renewable and reliable power.
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Under the contract Lockheed Martin will lead a team which will develop OTEC system components and further mature its design for an OTEC pilot plant. Lockheed Martin has been working with OTEC technology since the 1970's when they built the "Mini-OTEC." This prototype is the world's only floating OTEC system to generate power in excess of what is needed for sustainability. A big part of maturing the plant design is to develop an interface between the system's cold water pipe and the platform.
About Lockheed Martin
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.
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