Ocean Thermal Energy Corp (OTC: CPWR) is a renewable energy development company that designs and develops Ocean Thermal Energy Conversion (OTEC) plants, Seawater Air Conditioning (SWAC) plants, and Lake Source Cooling (LSC) systems. Revenue is intended to come from energy sales priced per kilowatt-hour or per kilowatt per month capacity payments, plus water sales from desalination for drinking, agriculture, and aquaculture. As of the 10-K filed March 24, 2026 (FY2025), the company had no operating plants generating commercial revenue, held $403,667 in cash, carried negative working capital of $113,330,567, and had a stockholders' deficit of $113,401,100-plus. The company disclosed material going-concern uncertainty and significant defaulted debt. Operations consumed $93,395 in net cash during FY2025. Jeremy P. Feakins serves as Principal Executive Officer and Principal Financial Officer, with $604,793 in salary for FY2025, of which $525,626 was accrued but unpaid. The company referenced a Kwajalein Atoll contract as generating accounts receivable activity in FY2025.

Revenue model

Planned revenue from energy sales (per-kWh and per-kW-per-month capacity payments) and desalinated water sales for potable, agricultural, and aquaculture uses. No commercial plant revenue was earned as of the 10-K filed March 24, 2026. Financing has come primarily from sales of common and preferred stock and issuance of notes payable.

Products and services

OTEC power plants designed to generate electricity from ocean temperature differentials between warm surface water and cold deep seawater at approximately 3,000 feet depth. SWAC and LSC systems designed to provide air conditioning to large commercial buildings using cold deep ocean or lake water. Integrated desalination producing potable water and water for agriculture and aquaculture. Estimated construction cost for a SWAC/LSC plant is approximately $150 million, with hard costs of approximately $91 million (60% of total).

Customers and end markets

Target end markets include tropical island and coastal nations with limited potable water supply, commercial building operators requiring air conditioning, and utilities or offtakers in developing and emerging markets. A Kwajalein Atoll contract was referenced in the FY2025 filing as generating accounts receivable. No customer concentration data was disclosed.

Value-chain role

Project developer and technology licensor. The company employs oceanographers, engineers, and marine scientists to develop proprietary intellectual property. It intends to develop, build, and operate plants directly, and seeks contracts at two stages: development and construction, then operation.

Geographic exposure

Intended deployment in tropical regions and island nations internationally, including a referenced project at Kwajalein Atoll. The filing cited exposure to political and legal risks in developing and emerging markets.

Competitors

Solar photovoltaic energy providers, Wind energy providers

Source: SEC 10-K, filed 2026-03-24

Industry: Electric & Other Services Combined