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.