Stonehenge Metals Ltd has executed formal transaction documents and completed the option agreement with Protean Energy Ltd (PEL).
The option agreement with PEL grants Stonehenge an exclusive 24 month global licence and an option to acquire 100% of the equity of Protean Energy Australia Pty Ltd (PEA). PEA holds the intellectual property titles, rights & licenses to the Protean Wave Energy Converter Technology (Protean WEC).
The Protean WEC system is 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 sea bed. The device is unique in that it optimises the conversion of energy from waves at the surface through all six degrees of wave motion. The Protean WEC is positioned to carve out a stake in the rapidly growing global renewable energy market tipped to be worth over $600BN by 20151. Wave energy is a technology that offers significant energy supply potential due to wave energy’s density being many times greater than that of solar or wind energy.
As a result of completion of the transaction with PEL, Mr Sean Moore (the Protean WEC inventor) and Mr Bruce Lane have now both commenced in their respective roles of Chief Technology Officer (Wave Energy) and Managing Director. Stonehenge has also agreed to provide PEL with a working capital loan of up to $30,000, secured against the assets of PEL.
Stonehenge Chairman Richard Henning commented; “we are delighted to be able to confirm the completion of the transaction with Protean and the formal appointment of both Sean Moore and Bruce Lane. The finalisation of these matters puts Stonehenge in an excellent position to deliver progress on both the Protean wave energy project and our South Korean projects”