UK ocean thermal energy developer kicks off crowdfunding campaign

Wave. Author: Barbara Walsh. License: Creative Commons. Attribution 2.0 Generic

February 19 (Renewables Now) - British developer Global OTEC Resources Ltd is looking to raise GBP 500,000 (USD 700,500/EUR 564,000) through a crowdfunding platform so it could realise Ocean Thermal Energy Conversion (OTEC) projects for resorts across the tropics.

Having already secured a GBP-10,000 grant from the EU Regional Development Fund, the company has launched a campaign on the US Angel Investment Network in an effort to secure funds and advance several projects.

The British firm says it has four memoranda of understanding (MoUs) with resorts in the Middle East worth up to GBP 32 million, and needs fresh funds to move forward with detailed designs, environmental impact assessments and site studies.

The goal of the company is to install 100 OTEC systems over the next 10 years. It is partnering with London-based engineering design firm DWR Offshore Ltd.

(GBP 1.0 = USD 1.400/EUR 1.129)

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