UK ocean thermal energy conversion developer Global OTEC Resources has received a £140,000 grant from Cornish development agency Marine-i to open an R&D facility in Newquay.
The company has relocated from Essex to develop its OTEC technology targeted at offgrid resorts in the Maldives and Caribbean.
Global OTEC Resources Dan Grech said: “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.”
Global OTEC Resources will work with technology partners DWR Offshore and Skentel, he added.
The £140,000 grant is part-funded by European Regional Development Fund monies to boost the marine technology sector in Cornwall and the Isles of Scilly.