- Associated Press - Saturday, November 22, 2014

HONOLULU (AP) - A Hawaii investment firm and a European company with expertise in deep-water cooling are buying a Honolulu company that plans to use ocean water to cool office buildings.

Honolulu Seawater Air Conditioning said Friday Ulupono Initiative and Capital Cooling are assuming ownership of the company.

The company will pump deep ocean water through a pipeline more than four miles offshore to a cooling station in Kakaako. First Hawaiian Center and the Prince Kuhio Federal Building have signed on as customers.

The new system will reduce electricity usage by the equivalent of a 40-megawatt solar farm. This is more than the utility-scale solar farms currently operating in Hawaii.

Ulupono Initiative was founded by eBay Chairman Pierre Omidyar and his wife Pam. It aims to increase Hawaii’s food and clean energy production.

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