Abstract: A system for generating energy and extracting minerals from the ocean. The system preferably comprises an underwater chamber adapted to intake cold water at the floor of the ocean and which, for energy generating purposes performs electrolysis. The chamber communicates via a conduit system with a submerged deformable condenser disposed above it. The condenser is coupled to a mineral recovery system positioned at the surface. A pump draws cold solution from the ocean bottom through the system. The condenser includes a pair of sub-compartments disposed in heat exchange relation, and refrigerant within one of the sub-compartments is liquefied by cooler water flowing through the other sub-compartment. A separate, deformable evaporator includes an internal chamber for boiling refrigerant which is warmed by surface water pumped through an adjacent chamber. As refrigerant flows from the evaporator to the condenser a turbine is driven to generate energy.