(MENAFN- ProactiveInvestors)
Stonehenge Resources () shares have quadrupled recently based on its acquisition of wave energy company Protean Wave Energy.
Shares in the company were trading at $0.005 in early March and have since reached a high of $0.023 and last traded at $0.019.
On 31st March the company revealed that detailed design of the 1.5kW Protean Wave Energy Converter had been completed.
Momentum was maintained this month with the appointment of California-based San Marino Venture Group to support commercialisation in the US.
Protean also appointed a specialist electricity market advisor shortly after.
San Marino originates and manages deal flow with an emphasis on emerging technologies and includes a number of prominent individuals with direct knowledge and experience with the Protean technology.
Protean aims to create an economically viable wave energy converter to satisfy global demand for cost effective renewable energy.
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.
The device is unique in that it optimises the conversion of energy from waves at the surface through all six degrees of wave movement.
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