Carnegie grant funding update on wave, microgrid projects

PRESS RELEASE:

Carnegie Clean Energy Limited (ASX: CCE), developer of utility scale battery storage, solar energy and wave energy solutions, is pleased to provide an update on its current Government grant funded projects; the ARENA Garden Island Microgrid Project and the European Union funded CETO 6 Wave Hub Project; as well as the Albany Wave Energy Project.

Over the past weeks, Carnegie received approximately $850,000 of grant funding from the Australian Renewable Energy Agency (ARENA) and the European Regional Development Fund (ERDF).

Progress has also been made with its Albany Wave Energy Project.

Garden Island Microgrid Project

Carnegie has received $670,000 in grant funding from the Australian Renewable Energy Agency (ARENA) in recognition for the completion of two milestones for the Garden Island Microgrid Project.

These milestone payments were awarded for completed design and procurement activities. These are the first milestone payments received from Carnegie’s $2.5m funding package from ARENA to support the Garden Island Microgrid Project.

An update on the progress of final approvals and construction will be provided in the coming weeks.

CETO 6 Wave Hub Project

During the quarter, Carnegie’s UK subsidiary, CETO Wave Energy UK (CWE UK), received £108,265 (approximately $183,000) as the first two quarterly grant payments for progress on its European funded CETO 6 Wave Hub Project.

These grant payments were based on Carnegie’s initial design and development activity and expenditure for its CETO 6 Wave Hub Project in Cornwall. Carnegie received £63,969 (approximately $108,000) for the period April – December 2016 and £44,296 (approximately $75,000) for progress during Q1 2017.

CWE UK will shortly submit its Q2 2017 grant claim. Carnegie’s £9,551,963 grant from the European Regional Development Fund, is part of the European Structural and Investment Funds Growth Programme 2014-2020, and forms 65% of funding for the proposed CETO 6 Wave Hub Project:

a £14.7m project to design, construct, install and operate a grid-connected CETO 6 wave energy converter device, adapted to local conditions and industrialised for large scale commercial deployment at the purpose built, Wave Hub test site in the UK.

Albany Wave Energy Project

Discussions are continuing with the Western Australia Government regarding their election commitment to fund $19.5m towards an Albany Wave Energy Project and Centre of Excellence.

Further progress on this funding initiative is also expected in the coming weeks. In anticipation of progressing design and development activities, Carnegie shipped one of its metocean wave measurement buoys to Albany in preparation for deployment in its Albany offshore licence area.