Ocean Thermal Energy Corp. has launched a $7.65 million equity offering to accredited investors pursuant to the federal Jumpstart Our Business Startups Act.
The company, with world headquarters in Lancaster County, said it is offering 9 million shares of common stock for 85 cents per share, a news release stated.
Ocean Thermal Energy is a renewable energy company providing turnkey systems for ocean thermal energy conversion and seawater district cooling.
“Taking our funding to the next level will allow OTE to spread its global game-changing technology around the world,” Jeremy P. Feakins, executive chairman, said in a statement.
Purposes of the JOBS Act include allowing small businesses to harness crowdfunding and increasing the threshold under which an offering can be exempt from certain regulatory requirements, according to the White House website.
They also include an incubator period for emerging growth companies to become compliant with certain auditing requirements and changes to some limitations for how companies can solicit private investments from accredited investors.