Protean Energy has completed the term sheet agreement for the sale of its Protean Wave Energy Converter technology assets to Australian company Pearl Clean Energy.
As planned in the binding agreement, Protean retains a 1.5% royalty on all future revenue generated from the wave energy converter assets during the first ten years from signing the agreement.
The Protean wave energy is said to be able to convert the energy of waves from all six degrees of wave movement.
It works when waves moving past the buoy cause it to move in a circular manner. As the buoy moves, the counterweights also move, continuously lengthening and shortening mooring cables which makes the pulley rotate.
The rotation of the pulley creates shaft power and using electric, hydraulic or water pump – the wave energy is converted into a usable form.
Protean’s decision to divest its interest in the wave energy converter assets comes as a result of the previously undertaken strategic review of its assets, the company said earlier.
Pearl Clean Energy works to develop, fund and operate medium to large scale renewable energy systems in Australia and across the Asia Pacific region.