Carnegie rides €3.4M investment wave

Carnegie Clean Energy has raised Au$5.3 million (€3.4 million) to grow its solar, battery and wave energy businesses.

CETO 6 wave energy technology (Photo: Carnegie Clean Energy)

The Australian-based clean energy developer said it will use the funds raised through share purchase plan as working capital for the existing projects, to further develop and convert its contract pipeline, develop its project pipeline and pursue opportunities for business expansion.

Michael Ottaviano, Carnegie’s Managing Director, said: “We thank our shareholders for their support in the capital raise. We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

The share purchase plan, announced on April 30, 2018, allowed all eligible Carnegie shareholders to purchase between Au$2,500 and Au$15,000 worth of shares in Carnegie at 3.0 cents per share.

Carnegie Clean Energy an ASX-listed wave energy technology developer and solar/battery microgrid project developer.

The company is the full owner and developer of the CETO Wave Energy Technology intellectual property, and of Australian battery/solar microgrid Engineering Procurement and Construction (EPC) company Energy Made Clean (EMC).