Stonehenge Metals Limited reported today that the functional ocean based testing of the fully assembled Protean™ Wave Energy Converter (WEC) device has been completed.
The testing showed that the Protean™ WEC functioned as anticipated and that it was responsive to wave motion even in very low wave height conditions.
Preparations for fabrication of the 30 ProteanTM WEC buoys which make up the planned pre-commercial demonstration wave farm have now commenced.
The company has now formalised its intention to complete the acquisition of 100% of the Protean™ intellectual property by exercising its rights under the option agreement (Option) between the Company and Protean Energy Ltd (PEL).
Furthermore, the company said it has successfully completed a capital raising with sophisticated investors for $800,000 by way of a convertible loan facility and a heavily oversubscribed placement.
Stonehenge added it remains focused on proving the commercial applicability of the technology through local, national and international collaborations with both existing and new supporters of the Protean™ WEC system.
Stonehenge MD, Bruce Lane said: “The successful completion of ocean testing of the single proof of commercial applicability device was the next major milestone in our program to accelerate commercialisation of the Protean™ WEC technology. This is a pivotal moment for the Company and we are excited to have now exercised our option to acquire the Protean IP and to secure the ongoing commitment and services of both Sean Moore and Scott Davis. It is very pleasing to be in a position to commence building the 30 buoy demonstration wave farm so quickly.”