Mixed Greens: Carnegie Wave raises funds to fast-track CETO 6

ASX-listed ocean energy developer Carnegie Wave Energy Limited has completed a capital raising of $4 million, part of which will go towards fast-tracking the design of its CETO 6 project – the WA-based company’s next generation CETO unit, which is expected to have at least twice the capacity of the CETO 5 unit. Carnegie’s CETO 5 is being manufactured for the Perth Wave Energy Project, which once completed will be Australia’s first commercial-scale CETO grid-connected wave energy system.

The new funds, raised through the issue of convertible notes, will provide early access to Carnegie’s expected R&D tax refund for the 2013-14 financial year. The notes will be repaid with the proceeds from the expected tax refund, unless otherwise converted to equity. CETO 6 will be a next generation CETO unit with at least twice the capacity of the curr ent CETO 5 unit being manufactured for the Perth Wave Energy Project. A furth er update on the details of the CETO 6 Project will be released in the coming months.

In other news…

Specialist renewables systems provider EnviroGroup announced on Tuesday it had installed Australia’s largest grid-connected solar power system with Enphase micro-inverters, in conjunction with Yingli Solar, at the Glenlyn Aged Care Facility in Glenroy, Victoria. The company says the 100kW installation is expected to generate over 392kWh of solar energy daily – around 50 per cent of of the facility’s electricity requirements – to power the centre’s operational and cooling facilities, particularly in periods of peak daytime demand.

Trina Solar has announced the appointment of Douglas Smith as country manager for Australia, after two years managing the company’s PV sales for Australia, New Zealand and the Pacific Islands. Before joining Trina, Douglas managed sales and marketing teams at BP Solar for Australia and SE Asia.