Lancaster-based Ocean Thermal Energy Corp. announced today that it has completed a reverse merger with a public shell company in the U.S.
OTE said it is finalizing the going-public formalities and simultaneously calling warrants held by investors in the company, valued at $8 million.
“The company has adopted the reverse merger strategy as a proven successful alternative method of obtaining the financing we need while at the same time providing our investors with clear path to liquidity,” Jeremy P. Feakins, OTE’s CEO, said in a news release.
Feakins noted OTE’s successes in obtaining contracts and agreements for sustainable technologies, saying, “We are pleased with OTE’s progress these past three years and the best is yet to come.”
Feakins describes the business and its future as follows:
“For our customers around the world, OTE’s technologies provide sustainable energy saving/energy producing resources. Sea Water Air Conditioning (SWAC) is a way to take advantage of the deep cold sea water to provide air-conditioning in an environmentally friendly way, offering our customers considerable energy savings when compared to traditional systems. Ocean Thermal Energy Conversion (OTEC) is a proven method of producing 24/7 electricity without the use of fossil fuels. An eager global marketplace exists for OTE technologies. Potential customers have asked us to provide them with Sea Water Air Conditioning and OTEC thermal electric power including supplying them with millions of gallons per day of desalinated water that can be produced as a by-product of our technology. Clearly, our technologies will provide sustainable benefits for millions of people worldwide.”
OTE provides financing, design, construction and operation of SWAC and OTEC systems and has offices in Pennsylvania, Virginia, The Bahamas, Cayman Islands, US Virgin Islands, Hawaii and London, according to a news release.
OTE did not disclose the name of the shell company.