LANCASTER, Pa., Oct. 15, 2013 /PRNewswire/ -- Ocean Thermal Energy Corporation ("OTE"), a leading developer of Seawater District Cooling ("SDC") and Ocean Thermal Energy Conversion ("OTEC") systems, today announced that the Company has launched its $7,650,000 Equity Offering of the Company's Common Shares with Mission Markets transaction platform for the sustainable capital markets.
Mission Markets' goal is to help unlock the full potential of capital markets by integrating community and shared values to create a sustainable economy and provides the technology and expertise to connect accredited investors to mission-focused organizations. OTE is offering 9,000,000 Shares of its Common Stock for $0.85 per share ($7,650,000 in the aggregate). For further details, interested investors should visit Mission Markets website at http://www.missionmarkets.com/services/find-sustainable-investments. Only investors who are "accredited investors," as defined by Rule 501 of SEC Regulation D, are permitted to purchase Shares.
Jeremy P. Feakins, Group Executive Chairman of OTE, commented: "Mission Markets provides an efficient way for companies to raise mission-aligned capital. Ocean Thermal Energy Corporation is a growing international company with enormous reach and positive impact for millions of people across the globe. We seek connections to like-minded investors who wish to support our efforts to bring clean energy and drinkable water to the world using the enormous resources of the ocean. OTE's Ocean Thermal Energy Conversion (OTEC) technology is a proven economically feasible way to generate sustainable and affordable base-load (24/7) electricity without the use of fossil-fuels by converting the temperature gradient of the ocean to electricity. Our Seawater District Cooling (SDC) applications use the deep cold ocean water to reduce the energy consumption of a traditional air-conditioning system by as much as 90%, offering significantly diminished greenhouse gas emissions, ozone-depleting chlorofluorocarbons (CFCs) and hydro chlorofluorocarbons (HCFCs). Both OTEC and SDC can offer a readily available and plentiful supply of desalinated drinkable water and opportunities for sustainable food production in the form of responsible fish farming and agriculture. We look forward to working with Mission Markets."
In addition to its Energy Services Agreement to build, own and operate the world's largest deep ocean Seawater District Cooling System (SDC) in The Bahamas, OTE believes other SDC and Ocean Thermal Energy Conversion (OTEC) contracts will likely follow in various locations such as the U.S. Virgin Islands, the Caribbean, East Africa, the Pacific Rim and U.S. Department of Defense bases, the latter of which are mandated to reach a 25% renewable energy goal by 2025. Memoranda of Understanding (MoUs) have been signed for at least four projects.
Under OTE's build, own and operate business model, the sustainable OTEC and SDC projects anticipate equity contributions from OTE, DCO Energy LLC (Investor/Partner), host country investors, preference capital, loan notes and senior debt. OTE expects that future projects will follow a similar capital structure, which aims to maximize the returns to investors for limited risk.
About Ocean Thermal Energy Corporation
OTE, a renewable energy company with World Headquarters in Lancaster, Pennsylvania and offices in Manassas, Virginia; Nassau, The Bahamas; London, UK; and, George Town, Cayman Islands, brings the first large scale multi-applications of Seawater District Cooling (SDC) and Ocean Thermal Energy Conversion (OTEC) systems to global markets. OTEC utilizes the natural temperature gradient in tropical and sub-tropical oceans to generate base-load (24/7) clean electricity, as well as great volumes of fresh drinking water. SDC provides eco-friendly efficient air-conditioning systems, reducing electricity consumption by 80-90% compared to conventional AC systems, resulting in tremendous reductions in carbon emission and enormous financial savings for SDC customers. Fresh water and sustainable food production opportunities are other ancillary highlights of both the OTEC and SDC technologies. OTEC and SDC's unique package of clean renewable 24/7 energy, voluminous fresh drinking water, and sustainable food production can provide a bountiful supply of these three basic human needs, which are essential for all people in the world, particularly in developing communities. Since the 1970s, OTEC and SDC systems have been successfully demonstrated and operated in various locations.
The company provides financing, design, construction and operation of OTEC and SDC systems.
Further information: Ocean Thermal Energy Corporation: James D. Greenberg, Director and Head of Communications, firstname.lastname@example.org or call +1 717 299 1344.
For further information regarding OTE, please visit the Company's website at www.otecorporation.com.
Mission Markets operates a financial marketplace specializing in sustainable and impact capital markets. Securities are offered through Bendigo Securities, LLC d/b/a CrowdClear, member FINRA/SIPC.
This press release contains forward-looking statements that relate to Ocean Thermal Energy Corporation (OTE) plans, objectives and estimates. The terms "should", "believe", "plan", "expect", "anticipate", "estimate", "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. To the extent permitted by applicable law, Ocean Thermal Energy Corporation makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement. This document has been prepared for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company. Any such offer or solicitation will be made only by means of the Issuer's Prospectus and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented is intended to form the basis for any investment decision, and no specific recommendations are intended.
SOURCE: Ocean Thermal Energy Corporation
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SOURCE Ocean Thermal Energy Corporation