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 Tidal Energy Today


<< Mar 2018 >>
26 27 28 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 31 1


The Marine Energy Wales Annual Conference aims to showcase the progress being made in Wales as well as outlining future plans…

read more >

Scottish Renewables Annual Conference

Scottish Renewables’ Annual Conference 2018 will take place against a background of these debates and examine in detail what these changes…

read more >

Maritime & Offshore Career Event (MOCE)

There is something for everyone; MOCE is not only for starters, experienced professionals also visit the event to find their next career move…

read more >


Neopolia EMR is a business cluster specialising in offshore wind and marine energies industry…

read more >