Protean Wave Energy (Protean) has completed the final phase of precommercial testing of its proprietary wave energy converter (WEC) and retrieved the WEC unit.

 The testing series has provided valuable input to support the design of a commercial prototype to be used in a trial targeted in the first half of 2017.

Detailed Design Program

Detailed design will progress over the coming months and will include component design, reliability testing, manufacturing specification and production design. The target for completion of a commercial prototype WEC unit remains Q1 2017 with a plan to be ready for a commercial wave energy array trial in Q2 2017.

Evaluation of testing locations

Over five different test sites are being evaluated for selection by the Company to demonstrate its commercial wave farm. Locations include California, Galway Bay- Ireland, Orkney – Scotland, Singapore-S E Asia and Australia. Each of the locations have different benefits and the various countries offer different grant schemes and financial assistance for the commercial development of wave energy. A full evaluation will be carried out to determine the best route to commercialisation considering cost, funding potential, schedule, infrastructure and support and proximity to markets. The Company is targeting evaluation completion and selection in Q1 2017.

Retail Licence Exemption (RLE) application

The Company has recently submitted an application for a retail licence exemption to the Government of Western Australia’s (WA) Public Utilities Office (PUO) supporting the Company’s focus to offer clean reliable energy. The application relates to the sale of electricity under solar power purchase agreements (SPPAs) and once approved will enable the Company to provide solar power to customers under SPPAs. The Company is in discussions with several potential commercial customers to provide power under SPPAs. This is consistent with Protean’s plan to offer hybrid energy solutions combining new energy sources to its customers.