Ocean Thermal Energy Corporation (OTE Corp) has entered the public market through reverse merger into TetriDyn Solutions.
The shareholders of OTE Corp, a builder and operator of ocean thermal energy conversion (OTEC) plants, have become the controlling shareholders of TetriDyn, owning 90% of TeriDyn’s shares on a diluted basis.
The Secretary of State of Nevada has accepted the change of TetriDyn’s name to Ocean Thermal Energy Corporation, and the company expects to receive FINRA’s approval that will effectuate the name change and business combination on the public market next week.
Jeremy Feakins, Chairman and CEO of OTE Corp, said: “Becoming a public company is a key element of our growth strategy, and the completion of this merger is a significant accomplishment for OTE.
“A public listing will provide us with access to capital from the public markets and will enable us to broaden our investor base, recruit additional key team members, and accelerate the development of our pipeline projects.”
In addition to OTEC power plants, OTE Corp also designs Seawater Air Conditioning (SWAC) plants for large commercial properties.
OTEC is a clean technology that extracts energy from the temperature difference between warm surface ocean water and cold deep seawater. In addition to producing electricity, the seawater running through an OTEC plant can produce thousands of cubic meters of fresh water every day for agriculture and human consumption.
The technology can also be used to cool buildings (SWAC) and for fish farming and aquaculture.
To remind, OTE Corp received approval for the construction of OTEC power plant in the Virgin Islands of the United States last year. The plant is expected to generate up to 15MW of power.