Ann: Protean Secures First Grant Funding for V-KOR Batteries, page-23

The financial review article clearly states that Rogers' intention was 'to redesign Protean's Wave Energy Converter'. Without positive shareholder reception it was impossible to do that.

People always seem to fawn over this picture:

However - look at the that yellow contraption! It would be doubtful that this would last in a tropical marine environment. Not to mention the net-like coils of wire and rope that hangs underneath. This would have been a nightmare for marine fauna. I'd expect it smashed to pieces in a matter of days or made not functional pretty quickly.

Whatever form the WEC takes in the future, I expect it won't look anything like that garden shed invention of Sean Moore's pictured above.