Ann: Annual Report to Shareholders-POW.AX, page-5

Johnny.....haven't seen you on this thread before & unsure why you would suddenly state that Protean technology is 'a complete rip off of the original Carnegie design' when there are a huge amount of wave models out for many years all over the world (am sure each new design probably does learn something from others like any other technology does without 'stealing' the other design as such) & POW has stated their differences from other models in their Annual Report right from the very start (excerpt below) of looking over it then taking on this concept model so can't believe you can actually blatantly state they ripped it off the CWE design (which is a much larger heavier model) - am thinking maybe should do a bit more reading up on the design differences which has already been hashed out here about a year ago.

I believe that Stephen Rogers delved into it thoroughly & is very excited by what he sees & importantly very driven to ensure his full attention on ensuring it will get fine tuned to be commercialised if within his ability to make it happen. News flow has been a bit slow which is always frustrating for us Shareholders so we all get a bit despondent & lose faith when this happens - who knows if it will be a success story or not but think the Board are definately trying & intend to make a big success of this Wave model. Time will tell!

I think being a non holder quoting a quick snippet of research then stating you wouldn't buy it if it was last company left on the ASX is very harsh statement as at least they remorphed & got onto actually doing something else when the bottom fell out of Uranium market (unlike other Companies that have just sat on their haunches collecting their Salaries while waiting for a turnaround that could be many years away...)
After 15 years of being on this forum & just involved in investing/trading Small caps on the ASX only I can probably quote offhand about 100 companies who are way way worse...(we all have lots of stories to tell..) If your expectations happen am sure we will see you swan back here for a 'I told you so' reminder post but in the meantime I believe POW are trying to tweak a technology into working Commercially well enough to supply Electricity for many Communities from the sea & we should support the idea rather than be negative about the possibilities of what could be a future power resource - they are giving it a go at least!

Excerpt from latest Annual Report:

During the Period the Company completed the acquisition of the Protean™ Wave Energy Converter Technology (WEC). The Protean™ WEC system is based upon an internationally patented and patent pending intellectual property. The Protean™ WEC technology has been identified as having a number of potential advantages over other wave energy technologies currently being investigated internationally.
The Protean™ WEC system is based upon a point-absorber wave energy converter buoy device which floats at the ocean surface and extracts energy from waves by the extension and retraction of a tether to its anchoring weight on the sea bed. The device is unique in that it optimises the conversion of energy from waves through all six available directional wave forces (being: heave (up-down), surge (back-and-forth), sway (side-to-side), yaw, pitch and roll). Other wave energy systems typically use one or two degrees of movement, which can significantly reduce their productivity. The Protean™ WEC is based on globally accepted and proven ocean buoy technology and is designed to withstand the harsh ocean environment; a critical issue for wave energy conversion systems. Major design benefits may include:
 Scalability – the Protean™ WEC system will be designed to provide low cost energy for a wide range of applications from small to large scale production.
 Versatility – the Protean™ WEC system will be designed for dedicated or simultaneous production of electricity or the desalination of seawater.
 Affordability – the Protean™ WEC system concept provides cost effective, consistent and reliable renewable energy in lower and higher energy wave resource locations. The Protean™ WEC will be designed for cost effective manufacture, deployment and maintenance.
The Protean™ WEC design has been trialled at a small scale in the ocean off Perth, proving the system can successfully convert the power from waves into usable energy. The concept design is based upon a compact architecture which targets power production from a small, low cost design aimed at keeping the projected levelised cost of energy down.
The Protean™ WEC will be designed to be cost competitive to manufacture, deploy and maintain. The future plans for the Protean™ WEC include the deployment of a pre-commercial demonstration of a scalable power array (wave farm) prior to moving the technology into early commercialisation. The Protean commercialisation program aims to:
 refine the scale device to produce a suitable pre-commercial model (now completed);
 create and test a demonstration wave farm for its potential to deliver cost effective power;
 verify the results, including commissioning of an independent expert to qualify the testing results; and
 commence commercialisation of the scalable array (wave farm) for industrial and community customers.
Company Activities
Functional Ocean Based Testing Successfully Completed
During the period, the Company advised that the fully assembled workshop testing of the core energy conversion system components of the Protean™ WEC technology was successfully concluded. Building on the success of this workshop testing, the Company commenced functional ocean based testing of a fully assembled proof of commercial applicability Protean™ WEC device.
Bunbury Demonstration
The Company advised during the period that approval had been received to deploy up to 30 Protean™ WEC buoys within the waters off the Bunbury coast of Western Australia. The plan to deploy these WEC signalled progression into the next stage of the Company’s early commercialisation strategy.
DIRECTORS’ REPORT (continued)
PROTEAN WAVE ENERGY LIMITED 4
On 4 May 2016 the Company confirmed that the first Protean™ WEC buoy had been successfully deployed at the Port of Bunbury. Deployment of the first buoy represented the next significant step on the Company’s path to commercialisation.
On 18 May 2016 the Company advised it had completed the first phase of deployment of the demonstration wave energy farm at the Port of Bunbury. The deployment enabled Protean to collect operational and environmental data ahead of furthering test deployments in advance of preparing WEC a pre-feasibility assessment.
Numerical Model Development to Optimise Performance of Protean™ WEC
On 2 June 2016 Protean advised that international renewable energy consulting firms EcoFin Solutions (EcoFin) and WaveEC Offshore Renewables (WaveEC) had been engaged to assess the potential capabilities of the Protean™ WEC technology, by way of a Numerical Model.
EcoFin is a global Renewable Energy Consultancy providing market leading financial modelling and technical advisory services to the sustainable energy industry.
In order to carry out this scope the EcoFin team will be working alongside its internationally recognised and leading global partner WaveEC in Portugal focused on the development of marine renewable energy.
The scope for the Numerical Model includes the development of a time domain code to enable Protean to determine the potential energy output of the WEC over time and to test potential optimisations of the WEC design. One of the tools EcoFin and WaveEC will deploy is a “wave-to-wire model” computer simulation, which models the entire energy chain conversion, from the WEC’s interaction with the hydrodynamic wave force in the ocean through to the electricity produced.
The wave-to-wire model will evaluate various Power Take Off (PTO) modules including electrical generation and water desalination as well as overall performance of the device in any given ocean environment. The Numerical Modelling tool will allow Protean to model the following aspects and to provide concrete data to support its economic potential:
• Design – analyse and identify possible design and efficiency improvements;
• Energy Production - estimate the energy production at any proposed location;
• Water production – evaluate options for water desalination;
• Survivability – refine understanding of the survivability characteristics of the design; and
• From a single WEC to an array – due to the scalable nature of the device, the model has the potential to be utilised to estimate the potential power production of an array installation once the single device is modelled and power production is defined.
The Numerical Model will feed into the Development Study, which is currently underway. The Development Study will include an evaluation of actual compressed air power production from the demonstration wave farm vs the expected output and is to be completed ahead of a pre-feasibility assessment targeting the first commercial wave farm.
Exclusive Option to Acquire 99% of Clean Energy Maldives Pvt Ltd
On 23 September 2015, the Company announced that it had entered into an exclusive option to acquire 99% of Clean Energy Maldives Pvt Ltd (CEM) for consideration of 250,000 ordinary fully paid shares in Protean. The management of CEM has the approval and local support to facilitate the establishment of a commercial wave energy converter power generation and seawater desalination facility off the coast of Hanimaadhoo Island, Maldives.
CalwaveSM Project Selected to Receive US$1.5 million Funding from US Department of Energy
During the period, the Company advised that the US Department of Energy (DOE) selected California Polytechnic University, San Luis Obispo (Cal Poly) to receive US$1.5 million in additional funding, subject to final negotiations, for the California Wave Energy Test Centre (CalWave) project, of which the Company is a team member.
The CalWave initiative has been funded to date by DOE, with an initial US$750,000 grant. The Cal Poly team, which includes the Company, answered a specific request by DOE for an application for an additional US$1.5 million award to PROTEAN WAVE ENERGY LIMITED 5 to continue its work on CalWave. The US$1.5 million award is targeted by the DOE to support the next phase of the CalWave
initiative which will include detailed engineering, permitting and stakeholder process delineation for the CalWave Project.
Mr William Toman, President of Protean’s US subsidiary (Protean Wave Energy Inc.), will continue on the CalWave team as Project Manager and will serve to provide insight into wave energy technologies, utility operations and the wave energy industry. The Company has provided a Letter of Commitment to Cal Poly for the contributed management advisory services of Mr Toman.
Agreement to Deploy WEC at Cal Policy Research Pier in California
During the period, the Company advised that it had executed an addendum to the existing Memorandum of Understanding (MOU) with Cal Poly. The Company has agreed to co-operate and partner with Cal Poly to plan and execute the deployment of a staged ocean wave energy and energy storage micro-grid project at Cal Poly Research Pier (Pier) (the Project).
The Cal Poly Pier is located near Avila Beach on San Luis Bay California and is 3,000ft (~1km) long and operates as a leading marine research facility providing students, faculty and researchers with unrivalled access to the marine environment.
The Project is expected to be a staged deployment program, which is to commence during 2016, with the temporary deployment of the first Protean™ WEC off the Cal Poly Pier. This first buoy deployment is the initial stage of the program to test seaworthiness and assess the environmental impact of the WEC off the coast of California.
The initial phase of the Project is expected to be funded by Protean within the existing budgeted use of funds as set out in the Prospectus dated 25 November 2015. The parties will co-operate to seek additional sources of funds in the form of grants or direct funding by Protean for later stages, as they are defined, in addition to potential cost sharing by Cal Poly.
The new additional agreement represents another step towards deployment of the first ProteanTM WEC in the United States, which is in addition to the Company’s plans to deploy projects in Australia and the Maldives. The Company believes that each of these projects demonstrates the Company’s ability to form partnerships across the globe with each project moving the Company further down the path to commercialisation.
Subsequent to the period on 26 July 2016, the Company advised that it planned to proceed with further deployments of its Protean WEC after an independent review of results was completed from the recent offshore trial, ultimately leading to deployment of a larger array to demonstrate commercial feasibility.
The Company advised it now had in place an expert team of advisors, including international renewable energy consulting
firm EcoFin, its global partner WaveEC Offshore Renewables and a leading global engineering firm, to critique the Protean WEC technology prior to embarking on the next stages of commercialisation. The appointments have provided Protean with the advice and skill set to best determine the most effective course of action, to generate a robust plan for finalising feasibility and the next steps for development leading to commercialisation.
The Company also advised that it had now prepared and provided the information required to commence both the initial phase of an engineering development study and the numerical modelling study with EcoFin and WavEC. The outcome of aforementioned studies, combined with performance data collected from earlier short term deployment and the next stage of trials will form the basis of a design optimisation review process to be completed ahead of the manufacturing and deployment of a larger array of buoys.