Island-bound Hawaii lacks many of the resources available in the contiguous United States. However, the state has two things in absolute abundance: sun and surf. The first has already been tapped as the water heater of choice. Now, the surrounding waters will help cool the islands' homes and hotels.

Private investors have given $10.75 million in equity financing to build a seawater-powered cooling station in downtown Honolulu. Total cost will be $152 million.

The builders of the system, Honolulu Seawater Air Conditioning, LLC (good name, but what do they do?), say that their approach could save 80% of the electricity used for A/C in Honolulu.

Seawater Air Conditioning, or A/Sea as I like to call it, works by pumping 39°-45° water into a cooling station where it chills fresh water. The salt water is returned to its origins unharmed. The newly cooled H20 is pumped to nearby buildings where it comforts residents and tourists alike.

Seawater cooling isn't an emerging technology. Projects have been successfully implemented at Cornell University, and in Sweden and Toronto. The company's system is expected to last 50 years and have a nearly 100% reliability rating. The company plans to begin building in early 2009.