LANCASTER, PA / ACCESSWIRE / March 6, 2018 / Ocean Thermal Energy Corporation (CPWR) ("OTE" or the "Company"), a project developer for Ocean Thermal Energy Conversion (OTEC) renewable energy plants, announced today that it continues to attend meetings with Government Officials, Filipino business leaders, and the US Department of State to discuss plans for the deployment of OTEC technology in the Philippines.
Introducing OTEC Technology to the Philippines
Independent research by the Saga University, Japan and Oceanographic Co., Norway show the potential for around 170,000 MW of clean renewable ocean energy in the Philippines. Ocean Thermal Energy Corporation plans to introduce its proprietary OTEC technology to this country. Initial meetings in New York and Manila with stakeholders have shown promise.
Growth of Renewable Energy Sector Essential for National Energy Security
The government of the Philippines sees the growth of the renewable energy sector as essential for its national energy security. The Philippines' fossil fuel sector is unsustainable and dependent on importing nonrenewable fuel, including petroleum, but renewable energy has significant potential in the energy sector. A report generated by the U.S. Department of Energy shows that the Philippines has the highest electricity rate in Southeast Asia, followed by Japan. Transmitting power and transporting fuel throughout the Philippine archipelago is problematic due to very high cost.
Executive Order Provides Incentive for Investment in Renewable Energy
Thirty percent of the Philippines' energy is renewable already, and it aims to triple that renewable supply by 2030. In June 2017, the Government of the Philippines issued an executive order to reduce time and bureaucracy for permitting of renewable energy projects. Promotion and support of renewable energy in the Philippines, including OTEC, was intensified with the passing of the Renewable Energy Act of 2008, which made a feed-in-tariff and a renewable portfolio standard. This Executive Order will make it easier to build energy infrastructure in the Philippines by streamlining bureaucracy and removing time-consuming hurdles to investments.
Jeremy Feakins, Chairman and CEO of Ocean Thermal Energy Corporation, states, "We are excited about this development of a very positive and supportive investment environment for renewable energy, especially Ocean Thermal Energy Conversion, in the Philippines. Considering the keen government interest in our technology, the Philippines could become the world leader in renewable energy, and a shining example for the rest of the developing world. OTE's business model and technology provide an ideal fit for this approach and we continue our ongoing talks with the Government of the Philippines to establish ourselves as the leader for the implementation of renewable energy in this part of Asia."
About OTEC and SWAC
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 generate electricity. Cold water then cools the steam and the closed loop cycle continues.
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.
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.
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
SOURCE: Ocean Thermal Energy Corporation