Carnegie Clean Energy swings to half-year loss

The Australian-based Carnegie Clean Energy has seen red in its latest earnings report as the company swung to a net loss when compared to same period last year.

Carnegie Clean Energy reported a net loss for the half-year period ended 31 December 2020 in the amount of Au$1.2 million (€783,000), as opposed to the year before when the company recorded a net profit of Au$654,000 (€427,000).

Loss for the period from continuing operations amounted to Au$1.1 million (€718,000), compared to the half-year statement in 2019 which showed Carnegie Clean Energy reported the operating loss of Au$907,000 (€592,000).

Carnegie Clean Energy cash and cash equivalents for the 2020 half-year period amounted to Au$3.4 million (€2.2 million).

During the period, Carnegie Clean Energy progressed the development of the CETO wave energy technology along the CETO Digital Development Pathway, including advancing innovation opportunities which have potential to improve the performance of CETO through greater energy capture, more efficient conversion into electricity, higher system reliability, and reduction in cost.

Also, the company said it developed a machine learning-based Wave Predictor capable of predicting waves up to 30 seconds into the future.

The Wave Predictor was then validated in a wave tank testing campaign at the Cantabria Coastal and Ocean Basin in Spain.

In addition to being a standalone product for CETO and other applications, the Wave Predictor development is a key step towards the creation of a new intelligent control system for the CETO technology, according to the company.

Other notable activities during 2020 include collaboration agreements signed with Hewlett Packard Enterprise Company (HPE), as well as with project development company Oceantera, both related to further development of the CETO wave energy technology and projects.