Stonehenge Metals is raising up to $1.5 million through a rights issue to fund exploration of its existing South Korean projects as well as assessing the commercialisation potential of the Protean wave energy technology.
The company is offering shareholders up to 300,728,672 new shares priced at $0.005 each under the pro-rata non-renounceable rights issue.
Stonehenge had last month signed a binding option agreement to acquire the Protean Wave Energy Converter (WEC), a wave energy technology that has the potential to produce scalable cost effective energy.
Potential applications for the Protean WEC Technology include:
– Utility & small scale power plants;
– Remote installations and near shore power;
– Offshore power applications;
– Self powered sonar/radar systems & border security;
– Aquaculture –fish farming; and
– Seawater desalination potable (drinking) water from the sea.
This is notable given the global market for wave energy is forecast by The UK Carbon Trust to reach about £10 billion (A$17 billion) to £30 billion in 2050.
The company plans to deliver through a fixed price turnkey contract of up to $500,000, a pre-commercial pilot array in Western Australia within 18 months.
This will test a power generation array of 30 x Protean WEC buoys, each capable of generating 1.5 kilowatt hours.
Stonehenge will also seek to deploy a larger scale pilot as well as seek Australian and international strategic alliances for deployments, testing and funding.