Australia: Carnegie Releases Fourth Quarter Results

Australia Carnegie Releases Quarter Results

During the quarter Carnegie Wave Energy Limited focused primarily on its Perth Wave Energy Project (the Perth Project) with manufacturing progressing on schedule and a significant Project milestone achieved with the start of offshore works.

Carnegie also completed a capital raise to fast track the design of the CETO 6 project.

Highlights from the quarter include:

  • More than half of the Perth Project milestones to construction are now completed with recent progress including award of pipeline installation and desalination construction contracts.
  • Commenced offshore construction activities for the Perth Project with the foundation installation currently underway.
  • Received a $2.3m Research and Development Tax Incentive cash rebate.
  • Received grant funding payments of $2.2m from the Federal Government and WA State Government for the Perth Project (including the Desalination Plant).
  • Completed a $4m convertible note capital raise to accelerate the development of the CETO 6 project.
  • Advanced assessment and negotiations over potential CETO 6 project sites.

To read the full report please visit the following link.


Press release, January 21, 2014; Image: carnegie