Carnegie seeks $5m to fund new wave energy machines, renewable micro-grid

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Carnegie Wave Energy taps shareholders for another $5m to help development of 1MW wave energy machine and a renewable energy micro-grid.

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Perth-based wave energy developer Carnegie Wave Energy says it is seeking up to $5 million from shareholders to help fund the latest generation of its wave energy projects, and the newly proposed renewable microgrid projects.

waveThe company said the funds will be used for the development of its commercial-sclae CETO 6 technology, which will be feature units of around 1MW each, around four times the size of the current deployment at the Garden Island naval base near Perth, which is providing both electricity and desalinated water.

The CETO 6 technology will also be used – with the addition of solar PV and battery storage – to create a renewable energy micro-grid at Garden Island. Discussions are also being held with governments in Mauritius and the Seychelles for similar micro-grid projects.

“We would expect to convert these sorts of opportunities into project work over the next 12 months. Being well capitalised is crucial to securing these opportunities,” CEO Michael Ottaviano said in a statement.

The share purchase plans will allow Carnegie shareholders to purchase between $3,000 and $15,000 worth of shares in Carnegie at 4.2 cents per share. This is a 16 per cent discount to its last traded price.

This money will be used alongside $13 million in government grant funding and a $20 million loan facility.

“We have delivered a world first wave power project over the last 12 months and will continue to innovate over the next 12 months with the development of our commercial wave product platform, the CETO 6 system, and its integration into another world-first, the Garden Island Microgrid Project,” Ottaviano said.

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