Carnegie Clean Energy has been awarded an A$4m revolving debt facility from Commonwealth Bank Australia (CBA) to fund research and development of its wave technology.
The R&D facility will assist Carnegie with working capital primarily for the delivery of commercialisation activities relating to wave power, the company said.
The Perth outfit received an A$19.5m grant from the Western Australia state government last year to design, fabricate and install a 1.5MW Ceto 6 device by early 2020.
Carnegie has also secured A$2.1m project financing from CBA for its Garden Island microgrid project in Western Australia featuring 2MW solar PV and 2MW/0.5MWh battery storage.
Construction of the project is complete apart from the final cabling and grid connection expected in coming months, to be followed by the delivery of power to the Australian Department of Defence under a long term power supply agreement.
Image: Carnegie Clean Energy
Carnegie rolls wave R&D cash
By EBS