This is false in general, for (at least) two reasons
The range of a projection operator $P$ is closed, as it is the kernel of $1 - P$.
A closed subspace $F \subset E$ of a topological vector space is said to be complemented if there is a continuous projection onto it. Not every closed subspace is complemented.
To see that the range of an operator is not necessarily closed, simply note that for $p \lt q$ we have a continuous map (inclusion) $\ell^{q} \to \ell^{p}$. Since $\ell^{q} \subsetneqq \ell^{p}$ is dense, the range can't be closed.
The standard example of a closed but not complemented subspace is $c_0 \subset \ell^{\infty}$ (this is called Phillips' lemma). This is not very difficult to prove but not very obvious either.
In fact, a very deep result of Lindenstrauss and Tzafriri characterizes the Banach spaces linearly isomorphic to a Hilbert space as precisely those in which every closed subspace is complemented. (Thanks, Philip, for pointing this out).
Finally, two easy results in a positive direction:
If $A: E \to H$ is a map from any vector space to a Hilbert space and the range of $A$ is closed, then you can project orthogonally onto the range.
The map $A: E \to F$ between Fréchet-spaces (completely metrizable locally convex topological vector spaces) admits a pseudo-inverse $B: F \to E$, that is a map $B$ such that $ABA = A$ and $BAB = B$ if and only if both the kernel and the range of $A$ are complemented.
To prove this last fact, note first that $1-BA$ and $AB$ are projections onto kernel and range of $A$, so they are complemented. In the other direction, factor $A$ as $E \to E/\operatorname{Ker}{A} \to \operatorname{Im}{A} \to F$. Here, the leftmost map admits a right inverse and the rightmost map a left inverse and the map in the middle is an isomorphism by the open mapping theorem and the hypotheses. Now $B$ can be obtained simply by "going backwards".