I bring this up a lot, but there was a clear path to commercialisation under SHE that did not include solar panels, wind power or other alternatives from the get go - they were supplementary to the WEC.
25 September 2015 - COMMERCIAL PROTEANTM WAVE FARM APPROVAL FOR THE MALDIVES
"Stonehenge Metals Limited (Stonehenge or the Company) has entered into an exclusive option to
acquire 99% of Clean Energy Maldives Pvt Ltd (CEM). The management of CEM has the approval and
local support to facilitate the establishment of a commercial wave energy converter power
generation and seawater desalination facility off the coast of Hanimaadhoo Island, Maldives (Island).
This project has been designed to provide up to an estimated peak power potential of 2,000 kW and
a desalination potential of 50kL per day (Wave Farm Project)."
2 November 2015 - MARKET UPDATE
"Commercial wave farm approval received for Hanimaadhoo Island, Maldives through option
to acquire Clean Energy Maldives, solidifying the Company’s strategy to provide energy to
Island nations"
25 November 2015 - PROSPECTUS
"The Company has also entered into an exclusive option to acquire 99% of Clean Energy Maldives Pvt Ltd
(CEM) including the retention of key management. The management of CEM has approval and local support
to facilitate the establishment of a commercial wave energy converter power generation and seawater
desalination facility off the coast of Hanimaadhoo Island, Maldives."
It is mentioned many times in the Prospectus, in fact it makes up a key milestone of commercialisation after the mention of the 30 buoy test unit in WA.
It was mentioned enough throughout the September/November period that you believe that it was part of the platform to essentially pivot into Protean. It has a slide in the PPT that shows it was discussed as part of the investor presentation for the $5 million raise in November 2015.
When the raise was over and we waited for our rename, and re-compliance on Chapter's 1 and 2, it seems we were floating dead in the water. All interest was lost - even the discussions here died down to little to nothing daily. But the documents released still mentioned it, and continued to do so.
Activities Statement for December period indicated the Maldives project, and added the 30 buoy test to the same paragraph this time - Its still on the books at this point.
1 March 2016 - Half Yearly Activities Statement
"The new additional agreement represents another step towards deployment of the first Protean TM WEC in the United States, which is in addition to the Company’s plans to deploy projects in Australia and the Maldives".
It is mentioned throughout, but this line gives 'credence' that the project is on track more-so after adding Cal-Poly.
It is mentioned in the 121 Tech Presentation on 11/05/16
Much of the same text above is cut and paste into the Annual Report on 01/09/16
Then suddenly, there is no mention of it. 3 November 2016 There is mention of locating a commercial test facility, which to me is an indication that the Maldives is now off the book, sans announcements. It also does not appear in the November presentation.
It seems the path to commercialisation has changed. In fact, i'd go as far as to say the very thing we were chasing (The WEC) has been mothballed and now we're running down the path of capital intensive roll-outs of panels, and wind generation to supplement a battery technology we are yet to test from KORID.
Smart option here would have been to pursue the options we 'floated' with, then implement the battery tech into THAT system, then try and convert the currently installed systems with the KORID battery.
We'll see how long it takes before they back out of this "commercialisation plan". I did here there was a tech for collecting methane from lakes and using it to power remote cattle-stations.... Only a matter of time until we're chasing that i say.
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