ASEC Marine Renewable

Further to its strategy to source investment opportunities in the renewable and alternate energy sector, GB Energy Limited (GBX) is pleased to announce that it has entered into a funding and subscription agreement to earn up to a 50% shareholder interest in Australian Sustainable Energy Corporation Pty Ltd (ASEC).

ASEC has developed a device for converting ocean waves into a usable energy form and has applied for patents on this technology. At the present ASEC holds a PCT application on the technology and has filed full patent applications in three jurisdictions around the world with others to follow. The novel renewable energy technology is at an early stage of development, however the scope of the technology has the potential to provide significant, consistent, and low cost energy from the oceans of the world.

The ASEC wave energy conversion technology was invented by Sean Moore who holds a Bachelor of Science Degree in Computer Science as well as a Bachelor of Engineering Degree with First Class Honours in Electronic Systems. Sean is a founding shareholder of ASEC and will be employed as an executive director of ASEC working in a full time capacity to complete Stage 1 and Stage 2 of the wave energy conversion technology development.