The equipment will be installed underneath the sea surface, and will be connected to the US transmission system.

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The first phase of OceanBased’s project will verify compatibility between generation and subsea transmission equipment, with installation of up to 1MW of shore-connected capacity expected to follow, achieving 20MW in a span of five years.

Speaking on the agreement, Alshemaimry, chairman and CEO of OceanBased, noted that there is a big untapped resource in the oceans, which can be the next great frontier of renewable energy.

Namely, the US estimates that the Gulf Stream can produce up to 45 terawatt hours per year of generation for Florida. In fact, Gulf Stream’s characteristics among renewables is why the two parties chose this location.

Now, the companies called for more investment in order to prevent challenges, obstacles and dangers related to global climate change.