Stonehenge Raises Funds for Wave Energy Project

Stonehenge Metals is raising up to $1.5 million through a rights issue to fund exploration of its existing South Korean projects as well as assessing the commercialisation potential of the Protean wave energy technology.

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The company is offering shareholders up to 300,728,672 new shares priced at $0.005 each under the pro-rata non-renounceable rights issue.

Stonehenge had last month signed a binding option agreement to acquire the Protean Wave Energy Converter (WEC), a wave energy technology that has the potential to produce scalable cost effective energy.

Potential applications for the Protean WEC Technology include:

– Utility & small scale power plants;
– Remote installations and near shore power;
– Offshore power applications;
– Self powered sonar/radar systems & border security;
– Aquaculture –fish farming; and
– Seawater desalination potable (drinking) water from the sea.

This is notable given the global market for wave energy is forecast by The UK Carbon Trust to reach about £10 billion (A$17 billion) to £30 billion in 2050.

The company plans to deliver through a fixed price turnkey contract of up to $500,000, a pre-commercial pilot array in Western Australia within 18 months.

This will test a power generation array of 30 x Protean WEC buoys, each capable of generating 1.5 kilowatt hours.

Stonehenge will also seek to deploy a larger scale pilot as well as seek Australian and international strategic alliances for deployments, testing and funding.

Related:

Stonehenge to Buy into New Wave Energy Tech

Press Release, September 04, 2014

 

 

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