Deep Sea Energy, an Australian renewable energy venture, has signed a landmark Memorandum of Understanding (MOU) with the Korean Research Institute of Ships and Ocean Engineering (KRISO) to fast-track the commercialisation of Ocean Thermal Energy Conversion (OTEC) technology.
This collaboration aims to develop the world’s first commercial OTEC plant, generating renewable energy and clean water from the ocean.
Announced at the 6th Australia-Korea New Energy Forum in Melbourne, hosted by the Embassy of the Republic of Korea and the Australia-Korea Business Council, the partnership aligns with the Australia-Korea Green Economy Partnership Arrangement on Climate and Energy, signed by both governments in December 2024.
The arrangement promotes bilateral cooperation in renewable energy innovation, industrial decarbonisation, and regional energy resilience and security.
This initiative marks Australia’s first collaboration focused on OTEC, combining Korea’s advanced technological expertise in ocean engineering — represented by KRISO, developer of the K-OTEC 1000 system — with Australia’s proven capability in delivering large-scale energy projects.
The partnership supports key national priorities, including providing 24/7 zero-emissions baseload power under Australia’s Powering Australia plan, enabling green hydrogen production in line with the National Hydrogen Strategy, and enhancing sovereign renewable energy capabilities.
For Korea, it strengthens energy security by deploying Korean OTEC technology in Australia to supply future energy needs and advances Korea’s leadership in maritime innovation and the blue economy.
Signed on 5 December 2024, the MOU establishes a strategic framework for collaboration covering knowledge exchange, joint project development, community outreach, industry engagement, and ongoing research and development. Initial activities include government and stakeholder engagement, site feasibility studies, business case development, and project origination.
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.
Leo Cooper stated that Deep Sea Energy aims to connect cutting-edge innovation with tangible outcomes, leveraging their team’s broad expertise in managing projects, commercialising technology, and engaging stakeholders.
He emphasised that in partnership with KRISO, they are progressing the commercialisation of OTEC technology while laying the groundwork for a new chapter in renewable energy leadership.
Cooper expressed eagerness to collaborate with partners and governments to unlock the ocean energy’s full potential to deliver clean power, water, and food security.
Dr Hyeon Ju Kim, Principal Researcher at KRISO’s Seawater Energy Plant Research Center, added: “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.”
This partnership is further supported by the K-OTEC Alliance, a consortium of supply chain partners aiding project delivery and infrastructure development.
Together, the collaboration represents a major milestone in Australia-Korea bilateral cooperation and ocean renewable energy innovation.
Ocean Thermal Energy Conversion harnesses the temperature difference between warm surface seawater and cold deep seawater to generate continuous, zero-emission baseload power, mining a renewable resource that is not subject to weather variability.
The world’s first commercial OTEC plant, once operational, could provide a critical new source of clean energy, fresh water, and food production resilience for both countries and coastal communities globally.
