Ocean Thermal Energy Corporation, after six years of significant investment into OTEC research, the development of proprietary, trade secret technology, and the assembling of an exceptional management, engineering, and consulting
team, is now positioned to accelerate the implementation of its OTEC technology for
projects in the U.S., the Caribbean, the Asia Pacific region, and eventually worldwide.
Proof of Concept
The first
closed-cycle, land-based pilot OTEC plant was built in 1981 on the island of Nauru, followed by a
second facility on the island of Hawaii in 1993, both facilities producing enough energy to power several hundred houses per year. These concept plants delivered proof that OTEC technology works. Since then, leading firms in the industry have implemented significant technological advances, demonstrating that OTEC is on its way to revolutionizing energy production worldwide, allowing reliable and affordable energy production on a large scale.
OTEC's Time Has Come
Technological advancements, primarily driven by other industries, including aerospace, power plants, petroleum, and geothermal, send a strong signal that OTEC's time has come. The innovations in materials science have produced stronger, lighter, more durable materials that allow larger, more efficient pipes to produce better scales of effectiveness. Interestingly, many of the technological advancements were brought about by the oil industry – a strong sign of things to come.
The explosion in the computer and digital industries has led to advancements allowing for true visualizations of ocean floors that enable easy environmental impact assessments for building and operating plants, leading to more rapid advancement and deployment of OTEC technology. More than anything else, the acceptance of alternative energy sources by the populations of the world has established OTEC as a commercially viable and economically sustainable solution.
OTE Corporation Drives Advances
Ocean Thermal Energy Corporation is playing a major role in the advance of the OTEC industry by designing, receiving approval, and establishing projects in the Bahamas, U.S. Virgin Islands, and with a major U.S. Defense contractor. OTE believes that OTEC technology is now truly ready for commercialization and OTE's business model and technology provide an ideal basis to establish the Company as the industry leader for the implementation of renewable energy based on OTEC technology.
About OTEC and SWAC
OTEC plants generate renewable energy by “harvesting” the heat in ocean water and using that heat to warm liquids with a low boiling point (such as ammonia) so that vapor is produced. The vapor turns a turbine and generates electricity. Cold water then condenses the vapor, and the closed loop cycle continues. Supporting the efforts for more sustainable living in developing nations around the world, OTE's OTEC and SWAC technologies drastically reduce the output of carbon emissions and produce renewable energy without the use of fossil fuels. This translates to slowing down climate change and cleaning up our atmosphere for a healthier planet for all.
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About Ocean Thermal Energy Corporation
OTE is a Lancaster, Pennsylvania-based company that designs and develops deep-water hydrothermal clean-energy systems which produce fossil-fuel free electricity through
Ocean Thermal Energy Conversion (OTEC), and environmentally friendly cooling through
Seawater Air Conditioning (SWAC) without the use of fossil fuels. An important part of the technology is the production of
large amounts of water for drinking, aquaculture, agriculture, and economic development.
OTE’s technology is ideally suited to tropical and subtropical regions of the world -- where about 3 billion people live. It utilizes the natural temperature differential in oceans to generate base-load, 24/7, clean, non-polluting electricity, as well as alternative, energy-efficient cooling systems and fresh water, the latter of which is essential for the entire world, particularly developing communities.
Safe Harbor Statement
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding OTE’s plans or expectations constitute forward-looking statements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, without limitation: a decision by any of the interested parties to not enter into a definitive power purchase agreement; the inability of the parties to successfully negotiate and enter into a definitive power purchase agreement; the inability of the parties to meet every closing condition contained in such definitive power purchase agreement and the protection and maintenance of OTE’s intellectual property rights.
Additional information and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in OTE’s periodic reports filed with the Securities and Exchange Commission under the heading "Risk Factors." Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward-looking statements may change.
Except as required by law, OTE disclaims any obligation to update these forward-looking statements to reflect future information, events or circumstances.
Contact:
Becky Wink Cooper
717-517-4110
Investor Contact
Brian Barnes
858-264-6502
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