OTEC & SWAC
For over 30 years, Jeremy Feakins has focused on projects that have a positive impact on the world. In 1992, Jeremy founded a company called Medical Technology & Innovations, Inc. (MTI). The company developed a vision screening device, called The PhotoScreener, which is used to diagnose vision problems in young, preverbal, and hard-to-screen children.
Currently, Jeremy Feakins serves as the CEO for JPF Venture Group, an early stage venture-capital organization forever seeking to aid businesses involved with humanitarian or sustainability projects. Not only that’s but he’s also the CEO and Chairman of Ocean Thermal Energy Corporation (OTE), based in Lancaster, Pennsylvania. OTE is commercializing technologies known as Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC).
OTEC employs technology capable of producing clean, renewable energy by exploiting the temperature difference between the warm surface water of the ocean in the tropics and the deeper, colder water. Potable water is one of the byproducts of this process. This water can also be used for agriculture and fish-farming. Ocean Thermal Energy Corporation plants can incorporate aquaculture services into their design, helping the areas in which they are based meet future fish demands.
One of the main motivations behind OTE is improving the lives of people across the globe by reducing the need for fossil fuels and providing water to countries parched by climate change. OTE’s technology will especially benefit countries that rely on importing energy to power their communities. Jeremy Feakins hopes that OTE’s technology will help these countries become more self-sufficient and prosperous. Many social and environmental issues can be solved with the help of OTE’s technology:
- Lack of Fresh Water – Access to safe drinking water is a major issue for countries around the world, especially those in tropical and subtropical regions of the word where OTEC works best. Desalination plants powered by OTEC can produce an abundant amount of water for drinking, food production, and economic development.
- Food Insecurity – As the world’s population increases, more food must be produced to meet demand. However, prolonged droughts have made it very difficult to grow crops. OTEC can be used to power desalination units, and the fresh water produced can be used to irrigate crops and provide water for livestock and other uses.
- Foreign Oil – A large number of countries require foreign oil to power their societies. Not only do fossil fuels damage the environment, but the price of oil can fluctuate without warning. A plant that uses OTEC technology is a local source of renewable energy, produces jobs, and doesn’t pollute the environment.
- Pollution – The burning of fossil fuels is linked to climate change, poor air quality, and water pollution. OTE’s technology reduces the need for fossil fuels and minimizes carbon emissions when compared to fossil fuel use.
The benefits of OTEC and SWAC are far-reaching and powerful. To realize these benefits, Jeremy Feakins and his team have joined a number of organizations whose mission is to create sustainable communities around the world. In addition, Ocean Thermal Energy Corporation has nine other projects in development. On Jeremy Feakins‘ watch, the company attracted over $25 million in private equity, negotiated more than $100 million in senior debt project financing, and obtained a listing on the US OTCQB Market.