Protean Wave Energy (ASX:POW) (formerly Stonehenge Metals) is now the ASX's most recently minted company, hitting the boards today following the acquisition of the Protean™ intellectual property.
Protean Wave also successfully completed a capital raising.
The company is now well positioned to progress commercialisation of the Protean™ Wave Energy Converter (NYSE:WEC) intellectual property.
The Protean™ WEC is an innovative wave energy technology that is designed to convert all six degrees of wave motion into a usable form of energy.
The future plans for the Protean™ WEC include the deployment of a pre-commercial demonstration wave farm prior to moving the technology into early commercialisation.
Fabrication & Deployment of Demonstration Wave Farm
The program of work to build and deploy a demonstration Protean™ WEC wave farm off the coast of Western Australia at Bunbury has progressed according to schedule and the first phase of a staged deployment plan is expected to commence during the coming weeks.
California Deployment Project - Cal Poly Pier
The teaming agreement, with Californian Polytechnic University at San Luis Obispo (Cal Poly), for a staged ocean wave energy and energy storage micro-grid project deployment off the coast of California is progressing well.
The project is expected to commence with the deployment of the first Protean™ WEC at the Cal Poly Pier in San Luis Bay, California.
The Cal Poly Pier has recently hosted Microsoft's successful subsea datacentre demonstration (Project Natick).
The Project Natick team have stated that "having data centres in the water raises an entirely new possibility: using the hydrokinetic energy from waves or tides for computing power.
This could make datacentres work independently of existing energy sources, located closer to coastal cities, powered by renewable ocean energy."
Protean Wave Energy's Bruce Lane in Proactive Q&A Sessions™
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