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Re: Energy&MJ post# 324

Saturday, 11/24/2018 2:07:40 AM

Saturday, November 24, 2018 2:07:40 AM

Post# of 1032
Baha Mar financial battle won't derail innovative A/C project, says Ocean Thermal CEO - Delay is possible, but Jeremy Feakins says system is 'essential' to resort The cited intro is about what caused the epic decline in share price.

July 12, 2015

”The life of an entrepreneur is a roller coaster of elation and disappointments,” Jeremy Feakins said.

As chairman and CEO of Ocean Thermal Energy Corp., the Lancaster-based renewable energy company, Feakins speaks from experience.

There’s elation in bringing to market what Ocean Thermal calls a “global game-changing technology.”

Hydrothermal power plants and air conditioning systems are non-polluting. They can generate large amounts of fresh water — suitable for drinking or agricultural use — as a byproduct.

But things don’t always go as smoothly as you’d like.

One of Ocean Thermal’s leading ventures is a planned $130 million seawater air conditioning system for the Baha Mar resort in the Bahamas. It would potentially be Ocean Thermal’s first operational project.

The $3.5 billion resort, which features four luxury hotels, a championship golf course, a panoply of shopping and dining outlets and the Caribbean’s largest casino, would be an ideal showcase for the system, which Ocean Thermal says can cut costs by up to 90 percent compared with conventional air conditioning.

But the resort, which was scheduled to open last year, is still incomplete. Late last month, its developer filed for Chapter 11 bankruptcy.

The filing “could result in a prolonged delay,” Standard & Poor’s wrote in a research update that placed the Bahamas’ government on notice for a potential credit rating downgrade.

Feakins is unfazed.

“We don’t believe that our contract is in danger at all,” he said.

The bankruptcy resulted from a “commercial dispute” between the developer and the lead general contractor, China Construction America, he said. ...

Lancaster Online


The decline may actually prove fortuitous for small investors, such as myself. The basis of the company remains strong with little dilution of the pps problems that plaque many companies.

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