Protean Wave Energy IPO offer is fully subscribed
Date
2/15/2016 7:35:01 AM
(MENAFN- ProactiveInvestors - Australia) The Protean Wave Technology design has been over 10 years in development and comprises a small durable ocean buoy that is tethered to a weight on the ocean floor
Protean Wave Energy (ASX:POW) has successfully closed its Initial Public Offer (IPO) after receiving applications for the full subscription amount through a prospectus issue.
Protean Wave's patented wave power technology is designed to convert ocean waves to electricity which will see the company transition into the renewable energy sector.
The next steps will be to satisfy the ASX re-listing conditions.
Protean Wave said that it anticipates the suspension of trading in its shares to be lifted by 1 March 2016. The IPO sought to raise $2500000 from a prospectus issue and may take oversubscriptions of up to $2500000.
Protean™ Wave Technology
The Protean™ Wave Technology design has been over 10 years in development and comprises a small durable ocean buoy that is tethered to a weight on the ocean floor.
The design concept utilises a group of buoys connected and packed closely together to form an array. Multiple arrays can then be combined to form a wave farm.
The West Australian based company behind the patented Protean™ WEC device recently successfully tested the floating buoy technology 100 meters off the coast of Coogee Beach (south of Fremantle WA).
The one buoy used in the initial testing generated compressed air to drive a pneumatic motor that in turn droves an electrical generator.
The technology is uniquely designed to optimise the conversion of energy from waves through all six degrees of wave movement or motion.
Protean Wave Energy’s Bruce Lane in Proactive Q&A Sessions™
Read the full interview with Bruce Lane managing director CLICK HERE.
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