Deep Sea Energy has signed a Memorandum of Understanding (MOU) with the Korean Research Institute of Ships and Ocean Engineering (KRISO), to accelerate the commercialisation of Ocean Thermal Energy Conversion (OTEC) technology.
As Australia’s first collaboration focussed on OTEC development and commercialisation, this partnership with KRISO sets a precedent in renewable energy and marks a milestone in Australia-Korea bilateral cooperation.
In addition to advancing international cooperation, this partnership also supports Australia’s national priorities by delivering 24/7 zero-emissions baseload power under the Powering Australia plan, enabling green hydrogen production in line with the National Hydrogen Strategy, and strengthening Australia’s sovereign renewable energy capability – supporting both the Future Made in Australia agenda and the National Reconstruction Fund.
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 MOU outlines a shared commitment to develop the world’s first commercial OTEC plant, combining KRISO’s state-of-the-art OTEC technology with Deep Sea Energy’s commercialisation 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.
Leo Cooper, Co-Founder of Deep Sea Energy, said: “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. 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. Deep Sea Energy’s mission is to bridge world-class innovation with real-world impact, and this collaboration draws on our team’s extensive experience in project delivery, technology commercialisation and stakeholder engagement. Together with KRISO, we are not only advancing the commercialisation of OTEC, but also building the foundation for a new era of renewable energy leadership. We look forward to working with partners and governments to realise the full potential of ocean energy for clean power, water and food security.”
Dr Hyeon Ju Kim, Principal Researcher at the Seawater Energy Plant Research Center, KRISO, said: “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.”
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.
OTEC offers significant benefits for industries and communities seeking clean, reliable and affordable energy. By producing both renewable power and clean water, it supports essential services, reduces fossil fuel dependence, and enables economic growth – powering advanced manufacturing and infrastructure such as AI data centres. With no direct emissions and minimal environmental footprint, OTEC contributes to a climate-resilient, and energy-secure future.
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. With a vast exclusive economic zone, Australia is well positioned to lead in OTEC deployment. The technology has reached advanced readiness, with KRISO’s 1MW offshore system (K-OTEC 1000) is considered the world’s most advanced OTEC technology and has been successfully demonstrated at sea.
