St. Croix, U.S. Virgin Islands and Lancaster, PA, USA, April 6, 2016 – Ocean Thermal Energy Corporation (OTE) (ISIN: SE0006028023, CUSIP: 675100101), a turnkey supplier of Ocean Thermal Energy Conversion (OTEC), Seawater Air Conditioning (SWAC), and Desalinated Water systems worldwide, and the Committee on Energy and Environmental Protection of the 31st Legislature of the U.S. Virgin Islands met today to discuss the future of energy in the islands. This meeting was in conjunction with the Water and Power Authority (WAPA)’s afternoon testimony and interest in OTEC and SWAC.
OTE first presented to the USVI Legislature in 2014. At that time, the legislature passed a law to include OTEC in the USVI’s renewable energy mix. OTE has spent the past 2 years performing a feasibility study for OTEC, SWAC, and potable water plants in St. Thomas and St. Croix, and this study is now complete. The OTE team, along with the USVI’s Water & Power Authority (WAPA) and supported by members of the University of the Virgin Islands, was invited to present the results of this study to the USVI Legislature.
Present were OTE’s Chief Executive Officer and Group Chairman, Jeremy Feakins; OTE’s Senior Vice President of Caribbean Operations, Heru Ofori-Atta; and OTE’s Senior Vice President and Head of OTEC Programs, Dr. Ted Johnson. Feakins, Ofori-Atta, and Dr. Johnson testified about the great potential for OTEC, SWAC, and the ancillary products, such as fresh water and sustainable food production, in the USVI. In addition, Dr. Johnson presented the results of OTE’s 2-year feasibility study, which detailed findings such as water depth, water temperature, and recommended design methods for the USVI.
“The conditions in the USVI are ideal for OTEC and SWAC,” said Feakins. “Our technologies have the potential for reduced electricity prices that are much lower than the current cost in the USVI. Combined with the planned production of water for drinking, aquaculture, and agriculture, our technologies can offer cost-effective energy solutions and economic development opportunities for the people of the USVI.”
Senator Sammuel Sanes, Senate Majority Leader for the 31st Legislature of the Virgin Islands and Chairman of the Committee on Energy and Environmental Protection, said, “We are committed to working with WAPA to find sustainable energy solutions for our islands and our people. We hope to work long-term with OTE to produce a better world for future generations.”