LANCASTER, PA / ACCESSWIRE / February 26, 2018 / Ocean Thermal Energy Corporation (OTCQB: CPWR) ("OTE" or "the Company"), a project developer for Ocean Thermal Energy Conversion (OTEC) renewable energy plants, announced today that it has made significant progress on the development of its first OTEC EcoVillage in the U.S. Virgin Islands.
OTE Announces Significant Progress for OTEC EcoVillage
OTE has obtained the U.S. Virgin Islands' Public Service Commission regulatory approval for an OTEC plant, and OTE has identified the specific plots of land for the site. The first draft of the Master Plan for the entire development has been completed.
The OTEC EcoVillage project consists, in part, of an OTEC plant which will provide all power and water to about 400 residences, a hotel, and shopping center, as well as models of sustainable agriculture, food production, and other economic developments. OTEC EcoVillage will be the first development in the world offering a net-zero carbon footprint.
This will be OTE's pilot project, launched to prove the viability of OTEC technology to provide affordable renewable energy for entire communities. The Company believes this $700 million project could be highly profitable and generate significant value for its shareholders.
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, the Company is now positioned to accelerate the implementation of technology for projects in the U.S., the Caribbean, the Asia Pacific region, and eventually worldwide.
About OTEC and SWAC
Supporting the efforts for more sustainable living of nations around the world, OTEC and SWAC technologies drastically reduce the output of carbon emissions and produce renewable energy and clean water for drinking, aquaculture, and agriculture without the use of fossil fuels. This translates to slowing down climate change and cleaning up our atmosphere for a healthier planet for all.
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 steam is produced. The steam is then pressurized so that it can turn a turbine and produce electricity. Cold water then cools the steam and the closed loop cycle continues. Part of this water can be desalinated for drinking, aquaculture, and agriculture.
This is the Rankine cycle, and it is as old as the steam engine. OTEC plants are a revolutionary application/use because electricity is continuously created, without the use of any fossil fuels and with little or no negative environmental impact.
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.
Since the 1970s, OTEC and SWAC systems have been successfully demonstrated and operating in several locations around the world.
For additional information regarding OTE, please visit the company's website at www.otecorporation.com.
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.
Becky Wink Cooper
SOURCE: Ocean Thermal Energy Corporation