Carnegie opens share offer in first step to wave power reboot | RenewEconomy

Carnegie opens share offer in first step to wave power reboot

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Carnegie Clean Energy launches $5.5m share offer, in first step to resuming trade on ASX, and commercialising its CETO wave power technology.

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Australian wave power company Carnegie Clean Energy has launched a $5.5 million recapitalisation round, taking a first step in its bid to re-float the business that sank into voluntary administration in March this year.

Carnegie released a prospectus on Friday, marking the end of its period under administration and fleshing out plans to deliver a commercial ready version of its CETO wave energy technology.

The company said it hoped to raise a minimum of $5.5 million through the new offer, and – if successful – resume trading on the ASX, and get back to the business of making wave energy generation competitive with comparable renewables, starting with offshore wind.

“Our plan is simple, to move the technology development into a hi-tech pathway of building a digitised virtual prototype using emerging computational means such as artificial intelligence (Machine Learning) and leveraging our important strategic relationships,” a statement from Carnegie chair Terry Stinson said.

“This pathway is intended to be significantly quicker and require substantially less funds.”

As reported here last week, Carnegie will offer existing shareholders the option of purchasing new shares in the company, through a 4-for-1 offer at just 0.1 cents per share as it seeks to recapitalise the business after the company’s foray into solar microgrids ended in disaster.

Despite this, the company appears to have retained the support of key backers, and in particular their faith in the world-leading 1.5MW CETO6 wave energy unit.

The decision to off-load the “loss-making” Energy Made Clean solar engineering business was also considered vital to a newly streamlined business, with “reduced headcount and lower operating costs,” the company said.

The offer closes on September 04.

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1 Comment
  1. Kramhh 8 months ago

    Really? How can something be world leading that does not exist. They’ve given us a new pretty picture though. How many million did that one cost. In 2 years time all they will have accomplished is spending 5 million on a new new new new pretty picture, then come up with a new new new new excuse why it will be another 2 years and many more millions to actually do something. Don’t worry though because the next round will be a world leading 5MW thought bubble picture to get the suckers excited.

    Please stop perpetuating their narrative. Look back on their excuses over the last 5 years. This is a scam imo.

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