Lancaster, PA – February 5, 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 Col. Bob Griffin, U.S. Air Force (Retired), has joined OTE as Chief Operations Officer.
Mr. Griffin is an accomplished senior management executive with over 35 years of experience leading large engineering organizations providing planning, budgeting, program management, design, and construction management. He has an outstanding record of achievement managing multi-million and billion-dollar energy, environmental, military construction, and housing programs. His responsibilities have included budget development, future year defense plans, acquisition, force protection, facility operations and maintenance, and real estate.
As an active duty USAF Colonel, Bob had significant experience representing the Air Force in consultations with other federal agencies, state and community governments, congressional members and their staffs, and committees. Upon retiring from the USAF, Bob continued his passion for promoting solutions to environmental and energy challenges and built upon his USAF experience to establish and grow a successful Energy Services Company and Energy Savings Performance Contracting business at Lockheed Martin Corporation. Bob is recognized as both a facilitator and fixer who uses a result-focused approach to program execution. This capability has proven exceptionally successful in creating and leading high performing coalitions with visionary goals and successful organizational processes that are rooted in the highest ethical standards.
“Bob brings a wealth of knowledge that will be especially important as OTE expands into its next phase of development,” said Jeremy P. Feakins, Chairman and CEO of Ocean Thermal Energy Corporation. “His experience with major defense contractors, large-scale energy and engineering projects, and military renewable energy implementations will be invaluable as we execute future projects.”
Bob stated, ”Providing access to clean water and developing energy efficiency and renewable energy solutions is both a personal and professional passion. Throughout my seven years at Lockheed Martin Energy, I had the pleasure of working with many outstanding suppliers and found OTE to be an excellent teammate as well as a company with which I shared mutual values and purpose. I am excited to join the OTE Team and help lead the evolution of this company in the development and delivery of clean, affordable and sustainable energy and water solutions.”
Bob holds a Master of Science degree from the Strategic Studies Air War College at Maxwell Air Force Base, Alabama, and a second Master of Science degree in Engineering Management from Air University, Air Force Institute of Technology, at Wright Patterson Air Force Base, Ohio.
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 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.
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