Protean Energy has received over Au$710,000 through Australian research and development tax incentive refund.
Protean will use Au$713,000 ($533,000) to continue design, development and commercial activities for its wave energy converter, the Australian clean energy developer informed.
The refund is derived from expenditure on research and development activities carried out on Protean wave energy converter during the last tax year.
Over the year, Protean concluded fully assembled workshop testing of the core energy conversion system components, before starting the ocean testing of its ‘commercial’ wave energy unit.
The R&D Tax Incentive is a program jointly administered by the Australian Taxation Office, and AusIndustry, to assist companies to invest in essential research and development to be internationally competitive with new innovative products.