Protean has completed the term sheet agreement for the sale of the Protean Wave Energy Converter technology assets (WEC Assets) to Australian company PEARL Clean Energy (PEARL).
As announced in the binding agreement earlier this year, the key terms include PEARL spending a minimum of $700,000 on the WEC Assets within the first 5 years from signing the agreement and paying a 1.5% royalty on all future revenue generated from the WEC Assets during the first ten years from signing the agreement.
Protean will also incur no further costs associated with the WEC Assets.
Protean’s decision to divest its interest in the WEC Assets is said to be a result of the previously advised strategic review of assets undertaken by the company. The decision is consistent with the company’s focus on developing its Daejon vanadium project in Korea whilst concurrently working to commercialize the V-KOR vanadium redox flow battery technology.