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.