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Protean Wave Energy Ltd on-track for demonstration wave farm at Port of Bunbury

Protean Wave Energy Ltd (ASX:POW) is taking significant steps to progress commercialisation of the Protean™ Wave Energy Converter (NYSE:WEC) intellectual property.

The innovative wave energy technology is designed to convert all six degrees of wave motion into a usable form of energy.

The company has now confirmed that, under the terms of a non-exclusive license agreement with the Southern Ports Authority (NYSE:SPA), it plans to commence deployment of up to 30 Protean wave energy converter buoys at the Port of Bunbury (Demonstration Wave Farm).

The Bunbury Port is part of Western Australia's Southern Port Authority which incorporates the ports of Bunbury, Esperance and Albany, which are surrounded by some of the world's richest areas of wave energy.

The Demonstration Wave Farm will be deployed progressively from April 2016 for a trial period of up to 6 months.

Importance of the Demonstration Wave Farm

The farm is a key step in the commercialisation process of the Protean wave energy converter and performance data will be collected from the Demonstration Wave Farm during the trial period.

Data collected during the trial period will support the pre-feasibility assessment of a commercial pilot wave farm planned for the Island of Hanimaadhoo in the Maldives.

Bunbury

Electricity in the Greater Bunbury sub-region is supplied predominantly from coal-fired stations at Muja and Collie.

There are currently three main terminal/substations that operate in the Greater Bunbury sub-region being Bunbury Harbour, Picton Terminal and Kemerton Terminal.

This provides a potential opportunity for Protean Wave.

Protean™ WEC

The Protean™ WEC has been developed to use compact architecture to produce power from a small, low cost, scalable design targeted at keeping the projected cost of energy down and has been designed to be cost competitive to manufacture, deploy and maintain.

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.

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