Protean collects $2.5M for storage and wave

Protean WEC (Photo: Protean Energy)

Protean Energy has closed the underwritten rights issue, raising Au$3.14 million ($2.49 million) before costs to support the delivery of storage and wave energy projects.

The Australian wave energy developer Protean Energy informed the offer was fully underwritten by CPS Capital Group, with the shortfall of 123,773,027 shares being placed today, July 25, 2017.

Protean Energy said the shortfall share requests are being ‘significantly’ oversubscribed.

Stephen Rogers, Managing Director at Protean Energy, said: “Funds raised under the rights issue will allow the company to now focus on the development of its energy storage systems in conjunction with renewable energy projects such as solar photovoltaic and wave energy.”

As reported earlier, Protean Energy plans to deploy wave energy device for trials in the second half of 2017 following the upgrades its design.

Share this article

Follow Marine Energy

Events>

<< Apr 2018 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition & Conference 2018

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event. It is unique in bringing together the oil & gas…

read more >

Waterpower Week 2018

This 3-day jam packed event provides you the opportunity to network, learn about legislative and regulatory initiatives, and discuss…

read more >

All-Energy Exhibition & Conference 2018

All-Energy is the UK’s leading renewable energy and low carbon innovation event, showcasing the latest technologies and services…

read more >

Asian Wave and Tidal Energy Conference 2018

The event will be a platform for engineers, researchers, experts to keep abreast of the current state-of-the-art advancements in ocean energy…

read more >