Date: Aug 28, 2018
Australian clean energy company, Pearl Clean Energy, has signed a binding term sheet agreement to acquire Protean Energy’s Wave Energy Converter (WEC) technology assets – designed to convert ocean waves to electricity.
As part of the agreement, Pearl Clean Energy will invest a minimum of $700,000 on the assets over five years and pay royalties, as per agreed rates, to Protean on future revenues.
The Protean WEC is an innovative wave energy technology that is designed to convert all six degrees of wave motion into a usable form of energy.
The technology design comprises a small, durable ocean buoy that is tethered to a weight on the ocean floor. The design concept utilises a group of buoys, connected and packed closely together to form an array. Multiple arrays can then be combined to form a wave farm.
The future plans for the Protean WEC include the deployment of a pre-commercial demonstration wave farm prior to moving the technology into early commercialisation.
