OTEC International Presents to World Bank

WASHINGTON, Jan. 30, 2014 /PRNewswire/ -- OTEC International LLC (OTI) principals recently presented to The World Bank Energy Sector Management Assistance Program (ESMAP) on the fundamentals of ocean thermal energy conversion (OTEC) technology, along with OTI's commercial projects on the horizon.

A comprehensive discussion about this important baseload renewable energy technology and its optimal markets was led by Eileen O'Rourke, OTI's Chief Operating Officer, and Barry Cole, OTI's Executive VP and Director of Technology Development.

"There is a growing interest in OTEC, especially for island nations who rely on importing fossil fuel for energy," said O'Rourke.  "OTEC International's presentation to The World Bank outlined the commercial readiness of the technology, the characteristics of current OTEC markets, and the pre-development process for interested countries.  We're happy to renew connections with this important organization and to share the potential benefits of OTEC for the small island states and the developing world."    

The presentation included a description of OTI systems and components, including commercial availability and pedigree, and OTI's line of floating OTEC platforms.  Based on experience with island customers, OTI discussed how a renewable OTEC facility could integrate with established electrical generating plants to enhance the stability and reliability of the entire system.  OTI provided some confidential data to be used internally by The World Bank to inform its renewable energy discussions.

About OTEC International LLC
Established in 2001, OTEC International LLC has built on decades of research by OTEC pioneers.  OTEC International received the first, and to this date the only, approval-in-principle for its 25- and 100-megawatt (MW) offshore platform designs from the American Bureau of Shipping (ABS), a leading international marine-related classification society.  OTEC International is negotiating a Power Purchase Agreement with Hawaiian Electric Company for a 100-MW plant, Power Purchase and Interconnection Agreements with The Caribbean Utilities Company Ltd. for 25-MW and is meeting with government officials in The Bahamas regarding 3 to 5-MW projects.  The company has not relied on government funding for its research and development but rather has been privately funded by The Abell Foundation, a nonprofit based in Baltimore, Maryland.  For more information, visit OTEC International online at www.oteci.com.

SOURCE OTEC International LLC