Bloomberg News

Ocean Thermal Energy Plans $12.4 Million London Share Sale (1)

June 09, 2013

Ocean Thermal Energy Plc, a renewable energy company that can produce power from the sea, plans to raise as much as 8 million pounds ($12.4 million) by selling shares on London’s Alternative Investment Market.

Cairn Financial Advisers LLP is advising Ocean Thermal Energy on the deal, and its broker is Bayley, Rogers & Co. Ltd., the London-based company said today in an e-mailed statement. It didn’t say when it plans the sale.

The company says its technology exploits the temperature differential between the sea surface and the ocean depths to generate power. It also can make energy-saving air conditioning systems that use seawater for cooling, cutting electricity use by as much as 90 percent, the company said.

Ocean Thermal Energy said it is working on seawater cooling projects in the U.S. Virgin Islands and the Cayman Islands, and has signed a memorandum of understanding with Bahamas Electricity Corp. to provide power from two 10-megawatt plants.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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