It's like **NextEra Energy** (a leading renewable energy utility), but focused specifically on harnessing deep ocean temperatures to generate electricity, fresh water, and air conditioning.

Imagine **GE Renewable Energy** (a major developer of renewable energy technology), but dedicated to creating ocean thermal power plants that also produce fresh water and provide air conditioning for sustainable communities.

Think of it as **Veolia** (a global leader in water and waste management) or **Suez** (another major environmental services company), but exclusively focused on using ocean thermal energy to produce both fresh water and renewable electricity.

• Renewable Power Generation: Provides electricity generated from ocean thermal energy conversion plants.
• Desalinated Water Production: Produces fresh water suitable for drinking, agriculture, and aquaculture applications.
• Seawater/Lakewater Air Conditioning: Designs and develops air conditioning systems utilizing deep cold seawater or lake water for cooling.
• EcoVillages Development: Develops and commercializes socially, economically, and ecologically sustainable communities.

Ocean Thermal Energy Corporation (CPWR) primarily sells its renewable power generation, desalinated water production, and air conditioning solutions to other companies and governmental entities rather than directly to individuals. Based on the company description, its major customer categories are:

• Commercial properties: Businesses and organizations that own or manage commercial real estate and require sustainable power, water, or air conditioning solutions.
• Utilities: Companies or public services responsible for providing essential services such as electricity and water to end-users.
• Municipalities: Local government bodies that seek to implement sustainable infrastructure for power generation, fresh water, and air conditioning within their communities.

Additionally, while developing and commercializing "EcoVillages," the company would likely sell these integrated sustainable community projects to developers, specific community organizations, or governmental entities rather than individual residents.

Jeremy P. Feakins, Chairman and Chief Executive Officer

Jeremy P. Feakins has over 35 years of experience in building successful entrepreneurial ventures, guiding start-up and early-stage companies through public listings in both the US and Europe. He is the founder of JPF Venture Group, Inc., an investment company. From 1990 to 2006, Mr. Feakins founded, chaired, and served as CEO of Medical Technology & Innovations, Inc. (MTI), where he oversaw the development of a microprocessor-based vision-screening device, managed MTI's 1996 US public listing, and subsequently sold the rights to a major international eyewear company. He invested in Ocean Thermal Energy Corporation in 2007 and now serves as its Chairman of the Board. Under his leadership, the company has secured over $30 million in private equity and more than $120 million in senior debt project financing. Mr. Feakins also founded Elevare Corporation, a housing developer, and is a veteran of the British Royal Navy.

Edward M. Baer, Financial Consultant

Edward M. Baer possesses over 30 years of senior financial management experience, having started his career at Arthur Andersen. He served as the Chief Financial Officer of the Pennsylvania Chapter of the American Cancer Society from 1971 to 1993. From 1993 to 2009, he was the Founder and Principal of the Investment Banking firm Marston Group.

Bobbie L. Griffin, Chief Operations Officer

Bobbie L. Griffin was appointed Chief Operations Officer in February 2018, bringing over 35 years of experience in leading large engineering organizations, encompassing planning, budgeting, program management, design, and construction management. A former USAF Colonel, he established and expanded the Energy Services Company and Energy Savings Performance Contracting business at Lockheed Martin Corporation after retiring from the Air Force.

William Sheedy, Program Manager

William Sheedy is an accomplished construction and engineering professional with nearly 40 years of experience.

Paula Vitz, Vice President of Business Development

Paula Vitz has a history of political involvement in Pennsylvania spanning over 40 years.

Key Risks to Ocean Thermal Energy (CPWR)

1. Severe Financial Distress and Going Concern Doubt: Ocean Thermal Energy Corporation faces extreme financial distress, with auditors consistently raising "substantial doubt" about its ability to continue as a going concern. The company has a deeply negative balance sheet, a significant stockholder deficit, and is currently without a clear path to generating revenue from ongoing projects. Its survival is critically dependent on securing new capital, which could result in substantial dilution for existing shareholders.
2. High Capital Costs and Economic Feasibility of OTEC and SWAC Projects: The primary barrier to the widespread implementation and economic viability of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) technologies is their high initial capital costs. The energy produced by OTEC plants currently costs more than electricity from fossil fuels, and OTEC systems often result in uneconomical projects due to relatively low power outputs. While SWAC can offer significant energy savings, the upfront capital investment remains a substantial cost.
3. Technological Challenges and Environmental Concerns of OTEC and SWAC Implementation: The deployment of OTEC and SWAC technologies faces notable technological hurdles, including the engineering of very large components like cold water pipes that must withstand harsh offshore environments, corrosion, and marine growth. Additionally, the low energy conversion efficiency of OTEC systems due to small temperature differentials poses a continuous challenge. Environmentally, large-scale OTEC operations risk impacting marine ecosystems through the discharge of vast volumes of water, potentially altering temperature gradients, nutrient levels, and increasing the risk of impingement and entrainment of marine organisms. The use of biocides and the potential for leaks of toxic working fluids in closed-cycle OTEC also present environmental risks.

Addressable Markets for Ocean Thermal Energy Corporation (CPWR)

Ocean Thermal Energy Corporation (CPWR) operates in several addressable markets related to renewable power generation, desalinated water production, and air conditioning. These markets exhibit significant global growth potential.

Ocean Thermal Energy Conversion (OTEC)

The global market for Ocean Thermal Energy Conversion (OTEC) systems, a key renewable power generation method for Ocean Thermal Energy, was valued at approximately USD 123.7 million in 2024 and USD 150 million in 2025. Projections indicate substantial growth, with the market anticipated to reach between USD 420 million and USD 1.12 billion by 2033 to 2035, at Compound Annual Growth Rates (CAGRs) ranging from 9.8% to 28.4% during the forecast periods.

Desalinated Water Production

The global water desalination market, which includes desalinated water production, was valued between approximately USD 20.62 billion and USD 21.74 billion in 2024. This market is forecast to expand significantly, reaching an estimated range of USD 26.49 billion to USD 58.38 billion by 2033 to 2034, growing at CAGRs between 8.9% and 12.8% during the forecast periods.

Seawater and Lake Water Air Conditioning (SWAC/LWAC)

For seawater air conditioning (SWAC) solutions, the global market for Seawater Air Conditioning was valued at USD 1.2 billion in 2024 and is projected to reach USD 4.5 billion by 2033, with a CAGR of 15.8% from 2024 to 2033. Similarly, the global seawater district cooling market, a related segment, reached USD 1.45 billion in 2024 and is expected to grow to USD 3.82 billion by 2033, at a CAGR of 11.2% from 2025 to 2033. While specific global market sizes for Lake Water Air Conditioning (LWAC) were not independently identified, it is often grouped with SWAC as a high-efficiency cooling solution.

Ocean Thermal Energy Corporation (CPWR) anticipates future revenue growth over the next two to three years will be driven by several key initiatives, primarily centered around its innovative ocean thermal energy conversion (OTEC) and related technologies.

1. Deployment of Ocean Thermal Energy Conversion (OTEC) Plants: A primary driver is the development and deployment of OTEC projects, which are structured around long-term contracted revenues for both power purchase agreements (PPA) and water sales. The company's technology is designed to continuously extract energy from temperature differentials in ocean water to produce electricity and efficiently desalinate seawater for agriculture and human consumption.

2. Expansion through Strategic Government Counterparties: Growth is expected from continued engagement with strategic government counterparties. For example, Ocean Thermal Energy Corporation's first-quarter 2026 revenue significantly increased due to its U.S. Department of Defense engineering contract for an OTEC unit at Kwajalein Atoll, indicating the potential for further government-backed projects.

3. Growth in Seawater and Lake Water Air Conditioning (SWAC/LSC) Plant Installations: The company designs and develops seawater and lake water air conditioning (SWAC/LSC) plants for commercial properties, utilities, and municipalities. This technology provides air conditioning using cold deep water, reducing energy consumption and offering another avenue for revenue generation.

4. Commercialization of EcoVillages: Ocean Thermal Energy Corporation is also involved in the development and commercialization of EcoVillages, which are described as socially, economically, and ecologically sustainable communities. This initiative represents an additional potential revenue stream as these projects are brought to fruition.

Share Issuance

• In 2025, Ocean Thermal Energy Corporation sold an additional $55,000 of convertible note units.
• During 2025, the company entered into stock purchase agreements with investors, receiving aggregate proceeds of $242,500 for the purchase of 16,375,000 shares of common stock.
• In 2024, the company's financing activities raised $463,620, primarily from preferred stock (Series D) and convertible note proceeds, and sold $70,000 of convertible note units.

Inbound Investments

• In January 2025, as a subcontractor to Johnson Controls Government Systems, the company received a contract valued at approximately $3.6 million for engineering designs and feasibility analysis of an Ocean Thermal Energy Conversion (OTEC) power system at the U.S. Army Garrison – Kwajalein Atoll.
• The company consistently relies on external capital to fund its operations.
• Ocean Thermal Energy Corporation has received ongoing inbound interest from island nations and coastal economies for OTEC projects, including invitations to meet with senior government and industry stakeholders to advance formal development pathways.

Capital Expenditures

• As a developer of ocean thermal energy conversion and seawater air conditioning plants, Ocean Thermal Energy Corporation has not yet completed or operated any commercial plants and currently generates no operating revenue, indicating minimal traditional capital expenditures on large-scale infrastructure in recent years.
• The company's primary focus has been on design and development, with major expenses in 2024 including salaries and professional fees totaling over $1.4 million, rather than significant capital outlays for construction.