Protean Energy Limited, formerly Protean Wave Energy Limited, is an Australia-based energy company. The Company's principal activities include mineral exploration in South Korea and commercialization activities associated with the Protean Wave Energy Convertor (WEC) technology. The Protean WEC system is a wave energy technology that is designed to convert all six degrees of wave motion into a usable form of energy. The Company's segments include Wave energy technology, Investment in Joint Venture, South Korea and Other. The Company holds an interest in Daejon Project, which is located in South Korea. The Protean WEC system is designed to operate in shallow and deeper water (where higher amounts of energy exist).The design allows for electricity and clean water to be produced. The Protean wave farm design targets production of electricity and desalinated water, either on or offshore. The Protean system design utilizes a method for managing the aggregation of output for all devices.