Australia’s Protean Energy Ltd. receives US$533,000 to continue WEC research and development

Protean Wave Energy Convertor

In a Dec. 13 press release, Perth, Australia-based Protean Energy Ltd. announced it has received more than Au$710,000 (US$533,000) through the Australian research and development (R&D) tax incentive program to continue design, development and commercial activities for its Protean wave energy convertor (WEC) technology.

The R&D tax incentive program is jointly administered by the Australian Taxation Office and AusIndustry. The program helps companies increase their international competitiveness by investing in essential R&D to create and develop new, innovative products.

Protean WEC technology is designed to convert all six degrees of wave motion into a usable form of energy and operate in shallow and deeper water (where higher amounts of energy exist).

According to the government of Australia, its R&D program seeks to:

Boost competitiveness and improve productivity across the Australian economy;Encourage industry to conduct R&D;Provide business with more predictable, less complex support;and Improve the incentive for smaller firms to engage in research and development.

The tax refund is derived from expenditures on research and development activities carried out on the Protean WEC during the 2015 tax year.

In November, Protean retrieved its WEC after completing the final round of pre-commercial trials off Western Australia.

Formerly Protean Wave Energy Ltd. and owned by Stonehenge Metals Ltd., Protean Energy Ltd.’s principal activities include mineral exploration in South Korea and commercialization activities associated with its Protean WEC. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs