Stonehenge Metals to Buy Protean Wave Energy Converter
Stonehenge Metals has signed a binding option agreement to acquire the Protean™ Wave Energy Converter (WEC) from Protean Energy Limited, which is positioned to disrupt the global renewable energy market through its potential to produce scalable cost effective energy.
The Protean WEC has been reviewed and reported on by two reputable independent bodies and Stonehenge stated that it believes it offers compelling advantages over other renewable energy systems.
Stonehenge intends to assess the potential of the Protean WEC to create a step change improvement in renewable energy production by:
- Refining the proven scale WEC device to rapidly deliver a pre-commercial pilot model;
- Deploying an array of Protean WEC devices to provide scalable power to a prospective customer;
- Testing the Protean array & transmission setup in preparation for commercial trials;
- Verifying and reporting the testing results through independent technical experts; and
- Commercialising the power generation array initially for small to medium customers.
The Protean system is based upon a point-absorber wave energy converter buoy device which floats at the water surface and extracts energy from the waves by the extension and retraction of a tether to its anchoring weight on the seabed. The device is unique in that it optimises the conversion of energy from waves through all six degrees of wave movement or motion.