Stonehenge Metals speeds-up commercialization efforts
Stonehenge Metals has appointed San Marino Venture Group (SMVG) to support the commercialization of the Protean wave energy conversion technology in US.
California-based SMVG originates and manages deal flow with an emphasis on emerging technologies, sustainable energy, real estate and infrastructure revitalisation.
The appointment of the advisory group is part of Stonehege Metals’ global commercialization strategy.
Bruce Lane, Stonehenge’s Managing Director, said : “The SMVG team’s market connections with key customer segments like ports, oil companies, and power and water utilities in the US combined with their ability to access both public and private venture and infrastructure funding partners make them an ideal partner for Stonehenge.
SMVG’s capabilities will be a great complement to those of Bill Toman, recently appointed as President of our US subsidiary (Protean Wave Energy Inc.), specifically in the areas of access to funding, connections to major Californian ports and their deep experience of environmental planning and infrastructure permitting in California.”
Protean Wave Energy aims to become the first active wave farm developer off the coast of California. The company is confident that SMVG’s skills, experience, and contacts will add significant credibility to the Company’s U.S. commercialization effort, Stonehenge Metal’s press release reads.
Eric Miller, Vice President, Finance of SMVG commented: “SMVG is excited to be joining forces with Stonehenge so that we can help drive the US commercialization program for the Protean WEC. The state of California has been searching for years to find a viable system that will convert wave energy into electricity & water supply and I believe that the Protean wave energy technology is favourably positioned to succeed in California.”
Stonehenge Metals has entered into into a binding agreement with Protean Energy Limited to acquire Protean Energy Australia Pty, which holds the intellectual property titles, rights and licenses to the Protean Wave Energy converter technology.
Image: Protean Wave Energy