As part of the agreement, Pearl Clean Energy will invest a minimum of $700,000 on the assets over five years and pay royalties, as per agreed rates, to Protean on future revenues.

The Protean WEC is an innovative wave energy technology that is designed to convert all six degrees of wave motion into a usable form of energy.

The technology design 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 future plans for the Protean WEC include the deployment of a pre-commercial demonstration wave farm prior to moving the technology into early commercialisation.

Protean Energy announced on ASX today that the decision to divest its interest in the wave energy converter assets is consistent with the company's focus on developing its Daejon vanadium project in Korea, whilst working to commercialise the V-KOR vanadium redox flow battery technology.

Read: Protean Energy to test V-KOR batteries in Western Australia

The V-KOR systems are a type of rechargeable flow battery that employs vanadium ions in different oxidation states to store energy in the form of two liquid electrolytes. VRFBs are proven to have excellent durability and life spans of at least 15-20 years.

Last week, Protean announced successful integration of its 25kW/100Wh V-KOR vanadium battery with the Western Power electricity grid at the OzLinc Industries trial site in Perth – signifying the battery's first Australian grid connection deployment.