Xenesys Inc signed an MoU with the Pacific Petroleum Company in Tahiti, French Polynesia.
Xenesys Inc. signed a Memorandum of Understanding with the Pacific Petroleum Company (PPC) in Tahiti for the industrialization and commercialization of Ocean Thermal Energy Conversion Technologies in French Polynesia, New Caledonia and Vanuatu (i.e. "The Region").
PPC has expanded its business in the petroleum field and related products, in both retail and wholesale, and enjoys a leading position in the Region.
Considering the increasing fuel prices and their long term impact on the island’s economy and development, PPC has decided to venture into the sustainable energy sector.
PPC considers OTEC as a main opportunity in its new venture as it may "locally" produce sustainable, clean and stable energy and provide, in this same time, interesting by-products as desalination water, ocean fertilization system, sea water air conditioning etc.
Thanks to year-round warm surface water and close to the shore deep ocean water, the islands of the Region are among the most suitable areas for the use of OTEC technologies.
Xenesys Inc. will cooperate with PPC to implement commercial-size OTEC projects in the Region.
