• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Lockheed Martin to Design 10MW OTEC Power Plant for Real Estate Group

Lockheed Martin (NYSE: LMT), the military contractor, has just signed a memorandum agreement with the real-estate developer Reignwood Group, to design and build a 10MW ocean thermal energy conversion (OTEC) plant. The plant will be used to provide 100% of the power for a new green resort that Reignwood is building.

Lockheed believe that “the agreement could lay the foundation for the development of several additional OTEC power plants ranging in size from 10 to 100 megawatts, for a potential multi-billion dollar value.”

Ted Johnson, the of alternative energy development at Lockheed, dreams of “thousands of floating OTEC ships roaming the seas of the world, providing an inexhaustible supply of clean energy and fuel and water for all people of the world.”

Related article: South Africa to use Oceanic Currents for 24/7 Uninterrupted Renewable Energy

Lockheed started working on OTEC technology in the 1970s, and hope that “constructing a sea-based, multi-megawatt pilot OTEC power plant for Reignwood Group is the final step in making it an economic option to meet growing needs for clean, reliable energy.”

Lockheed suggest that OTEC plants will be most popular in islands or coastal communities where energy costs tend to be high due to the difficult logistics of supplying the energy to these regions.

“Once the proposed plant is developed and operational, the two companies plan to use the knowledge gained to improve the design of the additional commercial-scale plants, to be built over the next 10 years. Each 100-megawatt OTEC facility could produce the same amount of energy in a year as 1.3 million barrels of oil, decrease carbon emissions by half a million tons and provide a domestic energy source that is sustainable, reliable and secure. With oil trading near $100 a barrel, the fuel-savings from one plant could top $130 million per year.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News