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Ocean Thermal Energy Corporation (OTE), a renewable energy company, brings the first large scale multi-applications of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) systems to global markets. In addition to its Energy Services Agreement to build, own and operate the world’s largest deep ocean SWAC system in The Bahamas, OTE has concluded that other OTEC and SWAC contracts are likely to follow in various locations such as the US Virgin Islands (USVI), the Caribbean, East Africa, the Pacific Rim and U.S. Department of Defense bases. Memoranda of Understanding (MoUs) have been signed for at least four projects (see our Media Center for the latest in-house news).
The proven technology Ocean Thermal Energy Conversion (OTEC) uses warm and cold ocean water temperature differentials to make clean 24/7 electricity. Seawater Air Conditioning (SWAC), also previously proven, uses the deep cold ocean water for cooling buildings. Both technologies can produce plentiful amounts of fresh drinking water and dramatically reduce carbon emissions. With 20 years of rising oil prices, OTEC is becoming profitable while SWAC is already commercialized and successfully operating in several locations around the world. Our Company’s robust pipeline of global OTEC and related SWAC projects each have projected gross revenues ranging from $400 million – $800 million, and can bring tremendous environmental and humanitarian benefits across the globe.