Ocean Thermal Energy starts USD 7.7m share sale

Sep 24, 2013 - US-based Ocean Thermal Energy Corp (OTE) said today it is selling USD 7.65 million (EUR 5.7m) worth of company stock to accredited investors.

The offering, that is taking place under the new Jumpstart Our Business Startups Act, includes nine million OTE shares priced at USD 0.85 apiece. Details on the use of proceeds were not revealed.

Pennsylvania-based OTE develops ocean thermal energy conversion (OTEC) installations that use the natural temperature gradient in tropical and sub-tropical oceans to produce base-load renewable power and huge volumes of drinking water. The company also offers a seawater district cooling (SDC) solution that can cut power consumption by up to 90% when compared to traditional air conditioning, according to OTE calculations. It sees good market opportunities for its products in the US Virgin Islands, the Caribbean, East Africa, the Pacific Rim and at bases of the US Department of Defense.

The Jumpstart Our Business Startups Act or JOBS Act, is a law that aims to encourage funding of US small businesses by relaxing various securities regulations.

(USD 1 = EUR 0.742)

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