Stonehenge Metals (ASX:SHE) is acquiring 99% of Clean Energy Maldives Pvt Ltd, which has the approval and local support to establish a commercial wave energy converter power generation and seawater desalination facility.
The project off the coast of Hanimaadhoo Island, Maldives, has been designed to provide peak power potential of 2,000 kilowatts and desalination potential of 50 kilolitres per day.
Over 100 of the Island’s estimated 500 businesses and residences have already expressed interest in acquiring power from the project.
Stonehenge and CEM are working to secure further expressions of interest from potential customers, including some of the island’s largest power users, over the coming weeks.
The Maldives represents a significant market opportunity for the Ccmpany with a total annual power consumption of over 428 gigawatt hour equating to an annual revenue potential of $128million.
The Hanimaadhoo Wave Farm Project is the next major step in the company’s early commercialisation program for the Protean WEC technology.
Earlier this month, the company received formal approval to deploy 30 Protean wave energy converter buoys within waters controlled by Bunbury Port off Western Australia.
These devices represent the implementation of a demonstration wave farm and signify the next stage in Stonehenge’s early commercialisation strategy.The Protean system is based upon a point-absorber wave energy converter buoy device which floats at the water surface and extracts energy from the waves by the extension and retraction of a tether to its anchoring weight on the seabed.
