Stonehenge Metals Raising Funds for Wave Energy Device Testing

Stonehenge Metals Limited is looking to acquire funds for exploration of the existing projects in South Korea, as well for the development of Protean Wave Energy Converter (WEC) technology.

The company plans to issue 300,728,672 new shares with a total value of around AUD 1.5 million (EUR 1.07 million).

A month ago, Stonehenge Metals signed an agreement with Protean Energy Limited thus acquiring their Protean WEC.

Stonehenge intends to assess the potential of the Protean WEC to create a step change improvement in renewable energy production by:

• Refining the proven scale WEC device to rapidly deliver a pre-commercial pilot model;
• Deploying an array of Protean WEC devices to provide scalable power to a prospective customer;
• Testing the Protean array & transmission setup in preparation for commercial trials;
• Verifying and reporting the testing results through independent technical experts; and
• Commercialising the power generation array initially for small to medium customers.

The company will allocate up to AUD 550.000 for the testing and development of this technology.