Australian wave energy technology company Protean Wave Energy (ASX: POW) has received the final $200,000 as part of the 50 per cent sale of the Daejon vanadium project to now Korean joint venture partner, KORID.
The sale saw POW receive $2.4 million worth of shares in KOSADAQ-listed KORID, a developer of mineral and energy sources with significant investment in vanadium redox flow battery technology.
POW is a wave technology company focused on the commercialisation of its proprietary Protean Wave Energy Convertor (WEC) system. The system is an innovative technology that is designed to convert all six degrees of wave motion into a usable form of energy.
The company plans to proceed with further deployments of its Protean WEC buoys during this quarter after an independent review of results is completed from the recent offshore trial. This will ultimately lead to deployment of a larger array to demonstrate commercial feasibility.
The multi-buoy demonstration wave farm will be deployed progressively with Stage 1 consisting of 3 Protean WEC buoys. The demonstration wave farm will be in operation for up to a maximum period ending next month (September 30, 2016).
POW managing director Steve Rogers said the company continues to work closely with its JV partner in Korea on the Daejon Project that is targeted at completing a pre-feasibility study to upgrade the vanadium resource available at the site.