Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Protean Wave Energy Ltd set to work with leading California institutions

Protean Wave Energy Ltd (ASX:POW) has the opportunity to work alongside some of California's leading institutions.

This allows Protean to take up a technology leadership position with a top tier team operating at the forefront of wave energy development in the U.S.

Protean recently made a splash re-listing on the Australian Securities Exchange after raising funds and focusing on its unique technology.

The Protean™ Wave Technology design has been over 10 years in development and comprises a small, durable ocean buoy that is tethered to a weight on the ocean floor.

The design concept utilises a group of buoys, connected and packed closely together to form an array. Multiple arrays can then be combined to form a wave farm.

U.S. Department of Energy

Protean has now confirmed that the U.S. Department of Energy has released funding to California Polytechnic University, San Luis Obispo.

The funds come under a US$1.5 million grant award for the California Wave Energy Test Center (CalWavesm) project, of which Protean is a team member.

The CalWavesm initiative has been funded to date by US Department of Energy, with an initial US $750,000 grant.

The California Polytechnic team, which now includes Protean, answered a specific request for an application for an additional US$1.5 million award to continue its work on CalWavesm.

The mission of the Institute is to develop and promote practical solutions to real-world problems by informing and driving public policy through advanced technology.

The funds awarded are targeted by the U.S. Department of Energy to support the next phase of the CalWavesm initiative which will provide more detailed engineering, permitting and stakeholder process delineation.

Bruce Lane, managing director for Protean, commented:

"We are excited that the US Department of Energy has released an additional US$1.5 million to California Polytechnic so that the CalWavesm project can proceed as planned.

"The continuation of the project provides Protean the opportunity to work alongside some of California's leading institutions and opens up additional opportunities for

"Protean to take up a technology leadership position with a top tier team operating at the forefront of wave energy development in the U.S."

The importance of CalWavesm

The CalWavesm project was originally created partly in response to the U.S. Department of Energy's indication of its intention to accelerate the development of wave-energy technologies in the United States.

It is also to construct a world-class National Wave Energy Testing Facility where technology manufacturers can pilot their devices in a true commercial, grid connected marine setting.

Members of the CalWavesm team include: Pacific Gas and Electric Co. - California's largest power utility, Vandenberg Air Force Base - U.S. Department of Defense purchaser of wave test centre generated power and host of its shore-based operations.

CalWavesm Principal Investigator, Honourable Dr. Sam Blakeslee, added:

"We are excited to be working with Protean and our other team members to accelerate development of wave energy technology in the U.S.

"Our findings and knowledge already created within the CalWavesm project, especially in terms of California environmental permitting, stakeholder relations and marine/port engineering, will prove to be both relevant and useful in this undertaking."

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.