GB Energy acquires wave energy firm
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West Perth-based oil and gas explorer GB Energy says it has the option to spend over $2 million to acquire a major interest in Protean Power which was developed a concept for a wave energy converter.
GB said stage one of the concept had been proven following recent sea deployments off Fremantle.
GB contributed $500,000 towards stage one of the project, which has now delivered a 20 per cent interest in the issued capital of Protean to GB.
The interest can be increased to 50 per cent by spending a total of $2.1 million under the terms of an exclusive funding agreement.
Work on stage two of the project has already commenced.
The announcement is below:
GB Energy Ltd (ASX: GBX) is pleased to announce the successful completion of Stage 1 proof of concept for the Protean Power Pty Ltd (formerly Australian Sustainable Energy Corporation Pty Ltd) wave energy converter, following recent sea deployments off Fremantle, Western Australia.
Through funding of Stage 1 expenditure and by providing the initial $500,000 of Stage 2 expenditure, GBX has now acquired a 20% interest in the issued capital of Protean Power Pty Ltd, which can be increased to 50% by expending of a total of $2.1million under the terms of an exclusive funding agreement.
Work on Stage 2, which involves the design and construction of a commercial prototype, has already commenced. In addition, Protean Power Pty Ltd is currently in the process of identifying and securing suitable sea bed acreage for a pilot plant.
Protean Power Pty Ltd has appointed Sean Moore as Managing Director and Miles Ashton as the Director for Capital Markets in order to advance Protean Power Pty Ltd as a standalone business operating in a globally competitive and highly technical sector.
Moving into the future, the Protean™ Wave Energy Converter (Protean™ WEC) development will require an increasing number of resources in order to bring this development to the next phase and ensure maximum technical and commercial performance is achieved. With the remaining GB Energy funds Protean Power Pty Ltd will work diligently towards the completion of the Protean™ WEC development and work towards building a viable business within the renewable/sustainable energy industry.