Lancaster, PA – February 26, 2018 – Ocean Thermal Energy Corporation (OTCQB: CPWR), or OTE, a project developer for Ocean Thermal Energy Conversion (OTEC) plants that generate renewable energy without the use of fossil-fuels, announced today that it has made significant progress on the development of its first OTEC EcoVillage in the U.S. Virgin Islands.
OTE Obtains Regulatory Approval
OTEC has obtained the U.S. Virgin Islands’ Public Service Commission regulatory approval
to build 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 by OTE.
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.
While OTEC technology has already been proven viable, 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 Ocean Thermal Energy Corporation
OTE is a Lancaster, Pennsylvania-based company that designs and develops deep-water hydrothermal clean-energy systems and environmentally friendly cooling through Seawater Air Conditioning (SWAC). An important part of the technology is the production of large amounts of water for drinking, aquaculture, and agriculture without the use of fossil-fuels.