US-based developer, suitably named Ocean Thermal Energy Corporation (OTE), has announced plans to acquire two companies whose goals and objectives mirror its own in order to further grow its business and projects.
The project developer for ocean thermal energy conversion (OTEC) renewable energy and water desalinization plants – OTE – informed of its engagement in discussions to acquire two established OTEC and Seawater Air Conditioning (SWAC) engineering companies.
The talks have been ongoing since the beginning of the year with the legal, accounting, and investment partners for the companies which, according to OTE, offer experienced technical teams and an infrastructure that will support and enhance its US and international operations.
Both companies are currently under review and consideration and have ongoing, revenue-producing contracts, OTE noted.
The acquisition is expected to accelerate the implementation of OTE’s OTEC technology for projects in the United States, the Caribbean, the Asia Pacific region, and eventually worldwide.
Jeremy Feakins , Chairman and CEO, stated: “We believe that our acquisition strategy will help fast-track OTE’s business model. Further, it will provide an ideal way for us to quickly enhance our own technology team and establish our company as the industry leader for the implementation of both renewable energy and the production of water for drinking, food production, and economic development.
“Our technology, in particular our water desalinization methods, are intended to benefit millions of people in tropical and subtropical regions of the world.”
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. Then, cold water condenses the vapor, and the closed loop cycle continues.
OTEC technology is said to be ‘ideally’ suited to tropical and subtropical regions of the world.