Australia’s Carnegie Wave Energy has raised A$7.5m for the commercialisation of its next generation Ceto 6 wave device
The capital will be used for the Garden Island Microgrid project in Western Australia, the first wave-integrated microgrid project in the world and the first to be connected to an electricity network.
The project consists of the Ceto 6 project currently being delivered and the existing reverse osmosis desalination plant on Garden Island which will add an extra 2MW of solar power to the electricity grid.
The capital has been raised by $5m through a share purchase plan, which can accept oversubscriptions of $1.5m to widen the company’s shareholder base. A further $1m of subscriptions has been accepted via a private placement.
The initial step is a detailed design phase with construction likely to occur in 2016 so that it occurs in advance of Ceto 6 construction.
The renewable energy generated by the Project will be sold to the Australian Department of Defence at Australia’s largest naval base, HMAS Stirling.
Image: Ceto 5 (Carnegie)
Carnegie raises funds for Ceto 6
$7.5m capital injection to support Garden Island project in Australia
By EBS