Australian company Carnegie Clean Energy is working on a new wave energy product based on the technology of its existing Ceto device.
The company said in its quarterly results for the period ending 31 March 2021 that the first market for this product would be aquaculture barges and vessels that require energy for electrical loads operating offshore.
It said that adapting Carnegie’s Ceto power take-off (PTO) and control systems to create the new product will expand the market for Carnegie’s Ceto intellectual property.
The work will also provide further component innovation and testing which will give valuable technical and testing data for the Ceto technology to deliver improved performance.
Carnegie said the new device could be incorporated with other complementary power solutions, such as batteries and/or hydrogen to support the growth of a diverse, sustainable blue economy globally.
The company is also focusing on optimising the CETO system.
It said the PTO design continues to advance, in particular, methods to constrain peak loads have been developed leading to reduced demands on the system.
Carnegie also became debt free for the first time in many years during the quarter, following the conversion of the full A$2.8m (€1.8m) in convertible notes.
In addition, unlisted options to the value of just over A$1m were exercised during the quarter, adding to the company’s cash reserves and providing additional funding to deliver on technology.