Stonehenge Metals has entered into an agreement with Yanchep Beach joint venture for collaboration on the development of a wave farm off the state’s coast to potentially supply energy to the Two Rocks community.
Under the memorandum of understanding, the joint venture will work with Stonehenge to develop its wave energy converter technology, which it acquired from Protean Energy for $1.3 million last year.
The Wave Farm project is expected to progress in phases involving an initial single 1.5 kilowatt demonstration buoy, followed by a demonstration wave farm array comprising 30 1.5kW buoys, totalling 45kW.
“The ultimate vision for the project involves working with the community to develop an appropriate model to create a wave farm to supply energy and/or water to the community,” Stonehenge said in a statement.
The joint venture is owned by New Orion and St Andrews, a wholly owned subsidiary of Japan-based Tokyu Corporation, and a prominent Singaporean property developer.
Stonehenge has estimated the available wave energy resource in the Two Rocks marina breakwater vicinity to be around 20kW per metre, with an inferred mean potential wave power resource of about 20 megawatts, amounting to 87 gigawatt hours per annum of clean, renewable energy.
“To be able to demonstrate the technology at Two Rocks, in the context of a potentially significant commercial project, with the support of an influential partner of YBJV’s calibre is a significant bonus for the company,” Stonehenge managing director Bruce Lane said.
Stonehenge shares were 10 per cent higher at 4.4 cents each towards the close of trade.
