Protean and KEPCO Plant Service and Engineering Co Ltd. have signed a project co operation agreement to jointly pursue renewable energy projects in Australia, Korea and across the Asia Pacific region. Protean will identify and take the lead on renewable energy projects in Australia and KPS will identify and take the lead on projects in Korea. Elsewhere the companies will lead according to the strength of the customer relationships on a particular project. The two companies will cooperate on projects involving wave energy, solar photovoltaic, other renewable energy sources and commercial and industrial energy storage systems in the growing renewable energy and microgrid market across the Asia Pacific region. Cooperation under the agreement has the potential to leverage Protean's core technologies in wave energy and energy storage systems combined with the financial strength, world class technical and maintenance capability of KPS. Asia Pacific represents over 45% of the world renewable market valued at approximately USD 165 billionlast year and has a forecast CAGR of over 12% in the region for the next ten years. Over AUD 7 billion of renewable projects have been committed in Australia alone this calendar year.