LANCASTER, Pa., Sept. 22, 2011 /PRNewswire/ -- Ocean Thermal Energy Corporation (OTE Corp.) and Bahamas Electricity Corporation (BEC) today signed a Memorandum of Understanding (MoU) to further the development of two ocean thermal energy conversion plants in The Bahamas in concert with BEC's strong policy to promote renewable energy resources in The Bahamas to maximize Bahamian energy independence and environmental benefits.
This announcement signals the start of OTE Corp.'s globalization of its competitively priced renewable energy resource, ocean thermal energy conversion (OTEC) and BEC's increased focus on exploring various ways to integrate renewable energy systems in businesses and homes that reduce The Bahamas' use and dependency on fossil fuel.
The core mission of OTE Corporation is to bring OTEC to the nearly 100 tropical regions around the world where land-based commercial OTEC power plants are now an economically viable solution. With the signed MoU, OTE Corporation will immediately move forward with BEC to complete the design process which is expected to culminate with the company building, owning and operating the world's first two commercially viable OTEC plants that produce fossil-fuel free electricity, potable water and sustainable food production in the form of aquaculture, mariculture and chilled soil agriculture.
OTEC holds the promise of benefiting the entire world in five critical ways: moving many nations toward energy independence; massively reducing carbon footprints; providing potable water to millions in need; creating jobs and general economic development; and enhancing international security by substantially reducing global demand for oil. The Bahamian plants will be the world's first OTEC facilities to utilize ocean water for clean energy, fresh drinking water and sustainable food production in a commercial capacity.
In the 1990's at the Natural Energy Laboratory of Hawaii Authority (www.nelha.org), OTEC was proven to produce clean base load (24/7) electricity without the use of fossil fuels. The technology was proven to work using the temperature differential between warm surface water and cold deep ocean water. OTEC is ideal for use in tropical zones, where more than 1 billion people live today. To see an illustration of ocean thermal energy technology and the potential uses of a land based OTEC plant please visit: http://www.otecorporation.com/ocean_thermal_energy_conversion.html
"OTEC is a market-driven clean technology energy solution that will have a positive impact for millions of people in the years to come," said Jeremy P. Feakins, Chairman of the Board and Chief Executive Officer at OTE Corporation. "While these first two OTEC plants are an important step in the right direction, in the near future we look forward to building additional OTEC plants with even higher capacity offering clean power generation, potable water production and sustainable food production."
BEC operates electric generation, transmission and distribution systems across The Commonwealth of Bahamas, serving 85% of all electricity customers in the archipelagic nation. "This is a historical time for BEC and residents of The Bahamas. We are looking forward to working with OTE Corp. to bring this technology and energy independence to our communities," stated Kevin Basden, General Manager at BEC.
For more information, please visit our web site at www.otecorporation.com.
About Bahamas Electricity Corporation
Our primary mission and objective is to provide safe, reliable and cost effective electricity for customers throughout our archipelago, and be a strong partner in building our nation for generations. Focused on customer service, professional development of employees and improved service delivery standards, BEC aims to position itself as the number one public Corporation of its size and character in the region. It was established as a Government-owned public Corporation by the Electricity Act of 1956.
About OTE Corporation
Based on its proprietary power plant designs, OTE Corporation offers a range of innovative products and services. The Company's multidisciplinary team of experienced corporate executives, scientists and ocean engineers, together with strong strategic corporate alliances, enable it to provide solutions to address today's toughest energy, resource and environmental problems.
For additional information:
James D. Greenberg, Director and Chief Strategy & Marketing Officer
Bahamas Electricity Corporation
Arnette Ingraham, Public Relations Officer
SOURCE OTE Corporation