Carnegie dual-listed with entry into the US market

Business Developments & Projects

February 1, 2024, by Zerina Maksumic

Australian firm Carnegie Clean Energy has become dual-listed as it had completed U.S. listing on OTC Markets Group’s New York-based OTCQB platform.

Under the stock ticker CWGYF, trading and information flow through the OTCQB platform is expected to allow Carnegie to engage with renewable energy-focused investors in the U.S.

According to the company, trading on the OTCQB provides all CCE investors with increased liquidity and potential access to new sources of capital. This platform makes a smoother engagement with a network of U.S. investors focusing on renewable energy, investor and media relations partners, and data distributors.

Carnegie’s primary listing remains to be ASX, with shares having a secondary listing in the U.S. and also an existing secondary listing in Europe.

The company’s listing has been assisted by New York-based Viriathys Capital. The OTCQB market listing and regulation regime are aligned with the ASX, resulting in a few additional compliance requirements associated with this dual listing.

The company provided the last two years of ASC announcements and financial disclosures in completing the OTCQB listing, allowing the U.S. investors to conduct due diligence on the company directly from the OTC Markets platform.

“Carnegie is very pleased that US investors now have a simple and reliable path to invest in our company which aligns with Carnegie’s growing activity there, including a recent government funding win from the US National Renewable Energy Laboratory and commercial partnership with Hewlett Packard Enterprise,” said Jonathan Fiévez, CEO of Carnegie Clean Energy.

“We believe there is a deep and growing investor market in the US that is focused on renewable energy technologies. Coupled with significant support measures for cleantech embedded in the US Inflation Reduction Act, this dual listing will help Carnegie access growing opportunities.”

The company noted that it also traded on the Börse Frankfurt under ticker CNM1, which continues to create European exposure as well as enhance shareholder value.

In terms of more recent news coming from Carnegie, it was reported in January that the company’s MoorPower demonstration project had started operating at the offshore test site in North Fremantle, Western Australia. The technology is expected to reduce the requirement for fossil fuels, reduce carbon emissions, reduce risk, and drive down costs.