Australian renewable energy venture Deep Sea Energy has signed a Memorandum of Understanding (MOU) with Korean Research Institute of Ships and Ocean Engineering (KRISO) to accelerate the commercialization of Ocean Thermal Energy Conversion (OTEC) technology.
The MOU outlines a shared commitment to develop a commercial OTEC plant, combining KRISO’s OTEC technology, the K-OTEC 1000 system, with Deep Sea Energy’s commercialization and project delivery capabilities. It sets out a collaborative framework for knowledge exchange, joint project development, community outreach, industry engagement, and ongoing R&D. Initial efforts will focus on government and stakeholder engagement, site identification and feasibility studies, business use case development, and project origination and development.
OTEC is an ocean-based renewable energy technology that generates electricity and clean water by harnessing the temperature differential between the ocean’s warm surface water and cold deep water. Unlike intermittent sources such as solar and wind, OTEC provides continuous 24/7 baseload power that is zero-carbon, not dependent on weather and cost-effective at scale. According to the International Renewable Energy Agency (IRENA), up to 44,000 TWh per year could be generated from ocean thermal globally – more than the current global electricity demand.
“As someone who has spent decades delivering major energy and infrastructure projects across Australia and the region, I am thrilled to see this partnership with KRISO come to fruition,” said Leo Cooper, Co-Founder of Deep Sea Energy. “The transition to clean, reliable baseload power is one of the defining challenges of our time, and OTEC represents a breakthrough opportunity for communities and industries seeking sustainable solutions.”
For the Republic of Korea, the partnership strengthens energy security by using Korean technology to produce renewable energy in Australia for future supply to Korea. It directly supports KRISO’s mission to lead innovation in maritime technologies and aligns with the Ministry of Oceans and Fisheries’ policy priorities–advancing the blue economy and enhancing Korea’s global maritime leadership. The partnership is further supported by the K-OTEC Alliance, a consortium of supply chain partners supporting project delivery and infrastructure development.
“OTEC, along with the cascade use of discharged seawater, can contribute meaningfully to sustainable development and the blue economy by ensuring a stable supply of essential resources such as renewable energy, clean water and food – particularly for coastal communities in Australia,” said Dr. Hyeon Ju Kim, Principal Researcher at the Seawater Energy Plant Research Center, KRISO.
