Global OTEC Resources, a business that aims to bring a new form of renewable energy to tropical resorts, is opening an R&D facility in Cornwall with help from a grant from Marine-i.
A team of four will run the office to develop the company’s concept for using ocean thermal energy conversion (OTEC) especially for ‘off- grid’ resorts in the Maldives and Caribbean.
The $184,000 grant from Marine-i is part funded by the European Regional Development Fund and aims to boost the marine technology sector in Cornwall and the Isles of Scilly through accelerating innovation.
Dan Grech, Global OTEC Resources managing director, said: “We are working with a number of luxury resorts to introduce ocean thermal energy conversion. Other forms of renewable energy such as wind and solar have not been proven as viable for meeting the energy demand of these resorts.
“Consequently, most are currently burning thousands of litres of diesel daily, which has the disadvantage of high carbon emissions as well as volatile costs. So there is strong interest in looking at an alternative form of renewable energy – our new concept meets their needs.”
Grech added: “The next stage is to design a fully costed business model over the next six months. We are expecting to be ready to build our first ocean thermal energy systems at resorts in the Maldives within two years.”
Matt Hodson, operations director at Marine Hub Cornwall, said: “Global OTEC Resources is an example of the new wave of marine technology businesses, now being attracted to Cornwall.
The company is dynamic and ambitious, with a clear view of the global market it plans to target. Marine-i is delighted to help Global OTEC Resources move their business to the next stage and exploit worldwide markets.”
Global OTEC Resources will work with technology partners DWR Offshore and Skentel to deliver the project.