An American company based in Pennsylvania is looking at partners in the Philippines amid an acquisition drive and efforts to deploy worldwide its technology on renewable energy and water desalination.
According to Ocean Thermal Energy Corp. (OTE), it has designed or received approvals or initiated projects using its products in the Philippines, in the Bahamas and US Virgin Islands. It also has a project with a defense contractor in the United States.
The firm has set its sights on acquiring “synergistic international and US-based companies” after having invested significantly in ocean thermal energy conversion (OTEC) and seawater air conditioning (SWAC) technologies.
“We believe that our acquisition strategy will help fast-track OTE’s business model,” OTE chair and chief executive Jeremy Feakins said in a statement.
“Further, it will provide an ideal way for us to quickly enhance our own technology team and establish our company as the industry leader for the implementation of both renewable energy and the production of water for drinking, food production, and economic development,” Feakins said.
He said OTE’s technology is “intended to benefit millions of people in tropical and subtropical regions of the world.”
In the Philippines, OTE is considering opportunities in multiple OTEC or potable water production plants.