Marine tech business moves into Cornwall to target global resort market
A business which is aiming to bring a new form of renewable energy to tropical resorts is moving to Cornwall, thanks to support from Marine-i.
Global OTEC Resources is moving to Newquay this week. The business, which employs four people, is developing an innovative system using ocean thermal energy conversion (OTEC) designed especially for ‘off-grid’ resorts in the Maldives and Caribbean.
Managing Director Dan Grech says: “We are working with a number of luxury resorts to introduce ocean thermal energy conversion. Other forms of renewable energy such as wind and solar have not been proven as viable for meeting the energy demand of these resorts. This means that most are currently burning thousands of litres of diesel daily (which has the disadvantage of high carbon emissions as well as volatile costs) so there is strong interest in looking at an alternative form of renewable energy. Our new concept meets their needs.”
Global OTEC Resources has received a £140,000 grant from Marine-i, which is part funded by the European Regional Development Fund and aims to boost the marine technology sector in Cornwall and the Isles of Scilly, through accelerating innovation.
Dan Grech says: “Cornwall stands out as the ideal place to relocate our business. There is a superb breadth and depth of marine technology talent in the county and we want to work with this fantastic supply chain. There is also unrivalled expert business and research support available through Marine-i as well as grant funding.”
“The next stage is to design a fully costed business model over the next six months. We are expecting to be ready to build our first ocean thermal energy systems at resorts in the Maldives within two years.”
Matt Hodson, Operations Director at Marine Hub Cornwall, says: “Global OTEC Resources is an example of the new wave of marine technology businesses, now being attracted to Cornwall. The company is dynamic and ambitious, with a clear view of the global market it plans to target. Marine-i is delighted to help Global OTEC Resources move their business to the next stage and exploit worldwide markets.”
Dan continues: “Ocean Thermal Energy Conversion is poised to be the next exciting growth area in renewable energy. We want to help establish a global ‘OTEC Centre of Excellence’ in Cornwall.”