Business
OTE Corporation Announces Plans for 2018
OTE Corporation Announces Plans for 2018.
About this update from Ocean Thermal Energy Corp.
[{"type":"text","content":"Ocean Thermal Energy Corporation Announces Plans for SWAC System Project for the U.S. Military in 2018; Will Also Begin Work on First OTEC EcoVillage Ocean Thermal Energy Corporation (OTCQB: CPWR), a project developer for Ocean Thermal Energy Conversion (OTEC) plants that create renewable energy, has made tremendous progress on the development of its first OTEC EcoVillage and has progressed toward the development of a SWAC system for the U.S. Military.SWAC System for the US Military The Company designs and builds Seawater District Cooling/Seawater Air Conditioning (SWAC) cooling plants. Having been approached by a major defense contractor, in 2018, OTE plans to continue its design efforts for the construction of a SWAC system for the U.S. military. While working with this contractor, OTE expects to support and manage this energy-saving project through completion, generating savings of hundreds of thousands of taxpayers’ dollars that otherwise would be spent in high(er) energy costs.OTEC EcoVillage The U.S. Virgin Islands’ Public Service Commission has granted OTE 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.“It is our belief that, in today’s world, it is not only our civil obligation, but also an exceptional, economically high-value opportunity to provide support for communities across the globe that are heavily dependent on the production of affordable clean energy and water for sustainable living. We do this by developing, constructing, and maintaining technology that eliminates the dependency on expensive fossil-fuel based energy production,” said Jeremy P. Feakins, Chairman of...