WA wave energy technology bought up by uranium mining group

An Australian designed wave energy converter could get a new lease on commercial life, after being bought up by ASX-listed diversified mining company, Stonehenge Metals Ltd.

The directors of Stonehenge revealed on Thursday that the company had entered into a binding option agreement with Protean Energy Limited to acquire 100 per cent of its wholly owned subsidiary, Protean Energy Australia Pty Ltd – the Western Australia-based developer and owner of the patented Protean Wave Energy Converter Technology.

First developed 10 years ago by WA engineer and inventor Sean Moore – and with a 1.5m prototype successfully tested in 2008 off the coast of Perth – the Protean WEC boasted various competitive advantages, including the ability to convert energy from all wave movement (up-down, side-to-side, back-and-forth, rotation); simple robust design; ease of deployment; and ease of manufacturing.

The comparatively simple technology comprises a large surface located buoy, connected by multiple cables to a subsea weight, which is used in mooring and energy conversion. The wave energy conversion happens inside the surface buoy via what is described as a simple mechanical system which converts the movement of the surface buoy into electricity and/or desalinated water.

But despite Moore’s efforts to generate interest in the Protean – including targeting the California ocean energy market in 2012 – the technology has so far failed to get a foothold in the global renewables market.

Stonehenge, however, sees potential in the technology, and plans to reassess its potential, refine its design and “rapidly deliver” a pre-commercial pilot model.

The West Perth based company – which is currently developing a uranium and vanadium project in South Korea – describes the Protean as “positioned to disrupt the global renewable energy market through its potential to produce scalable cost effective energy,” noting that the technology has been reviewed and reported on by two reputable independent bodies: WA’s Murdoch University and Sinclair Knight Merz.

Stonehenge also plans to test a Protean array & transmission setup in preparation for commercial trials, with a view to commercialising the power generation array for small to medium customers.

The deal includes a 24 month option to acquire 100 per cent of PEA with $500,000 minimum spend over 18 months; consideration of 120 million Stonehenge Metals shares and; plans for Stonehenge to raise at least $1.2 million via a rights issue.

The deal also requires that Moore, the Protean WEC’s inventor, joins Stonehenge as its chief technology officer.