Protean Wave Energy Ltd has confirmed its readmission to trading on the ASX, following the completion capital raising and the acquisition of Protean Energy Australia Pty Ltd, the holder of the Protean™ Wave Energy Converter (WEC) intellectual property.
The company said it is now well positioned to rapidly progress commercialisation of the Protean technology.
The works to build and deploy a demonstration Protean™ WEC wave farm off the coast of Western Australia at Bunbury have progressed according to schedule, and the first phase of a staged deployment plan is expected to commence during the coming weeks.
Protean Wave Energy said the 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 also progressing well, with the deployment of the first Protean™ WEC at the Cal Poly Pier in San Luis Bay expected to kick off.
The Cal Poly Pier recently hosted Microsoft’s subsea datacentre demonstration (Project Natick). The team behind the Project Natick has stated that, by using the hydrokinetic energy from waves or tides, subsea datacentres could work independently of the existing energy sources.