Stonehenge Metals Limited has entered into a binding option agreement with Protean Energy (PEL) to acquire 100% of PEL’s wholly owned subsidiary, Protean Energy Australia Pty Ltd (PEA). PEA holds the intellectual property titles, rights and licenses to the Protean Wave Energy Converter Technology.
The Protean system is based upon a point-absorber wave energy converter buoy device which floats at the water surface and extracts energy from the waves by the extension and retraction of a tether to its anchoring weight on the sea bed. The device is unique in that it optimises the conversion of energy from waves through all six degrees of wave movement or motion.
The Protean WEC has been trialled at a 1.5 metre wide scale in the sea off Perth, proving the system can successfully convert the power from waves into usable energy.
The Protean WEC uses compact architecture to produce power very efficiently from a small, low cost design targeted at keeping the projected levelised cost of energy (LCOE)2 down.
The future plans for the Protean WEC include the modularisation of the proven size for the purpose of creating a dynamic, configurable and scalable power array prior to moving the technology into early commercialisation.
During the Option period the Stonehenge assessment program aims to:
1. Refine the tried and proven scale device to produce a suitable pre-commercial model;
2. Create a scalable power array from the pre-commercial model so as to provide the power requirements of a prospective customer;
3. Test the scalable power array for its potential to delivery cost effective power,
4. Verify the results, including commissioning an independent expert to qualify the testing results; and
5. Commence commercialisation of the scalable array of the trials for small to medium customers.
Stonehenge will acquire an exclusive 24 month unrestricted licence with an option to acquire 100% of the equity of Protean Energy Australia Pty Ltd (PEA) from PEL (Option). If the Option is exercised, Stonehenge would hold, through the PEA acquisition, all rights, title and interests including all licenses relating to the Protean WEC Technology.
Press Release, August 14, 2014