Data power, page-7

Another mention in The Australian.

http://www.theaustralian.com.au/bus...e/news-story/ea86e664bb3437321621515fc4ba63a6

31 March 2016

Protean Wave Energy (POW) 1.8c

Of boy oh buoy.

A battle of the waves is emerging out west as this newly listed entity vies with Carnegie Wave Energy to commercialise tidal power, which is simple in practice but far harder in reality.

Protean is to deploy progressively up to 30 buoys at a demo facility at the Port of Bunbury.

Protean’s patented wave energy converter system converts all six degrees of wave motion into energy at the water’s surface.

Carnegie’s selling point is that its CETO technology deploys buoys below surface, thus avoiding the physical battering that has sunk many a wave-energy project.

Both companies are targeting islands dependent on expensive diesel power (no, not drought-stricken Tasmania).

Carnegie has enjoyed early success with a trial facility powering the navy’s Garden Island base and has won of a string of government grants. Protean is also a member of a California Polytechnic Uni wave energy project, which has just received a $US1.5m Department of Energy grant.

That’s neither here nor there for Protean’s finances, but it’s good to hear that catching the waves in California doesn’t just apply to layabout surfers.

Protean listed on February 29, having raised $5m at 2.5c by issuing 200 million shares. All up, Protean commands a $20m valuation compared with Carnegie’s $80m.

Carnegie has disappointed share-price wise but as the more advanced play it remains our preferred exposure.