Photo: Michael Ottaviano (Photo: Carnegie Clean Energy)

Italians invest €1 million in Australian wave

Australian company Carnegie Clean Energy has signed an agreement with Enel Green Power (EGP) which will see the Italian party invest €1 million in the research, development and deployment of the CETO wave energy technology.

EGP will also become a technical advisory committee member of both Carnegie and the Wave Energy Research Centre (WERC).

The investment EGP committed to will be delivered across a number of milestones., while the companies will also work together to identify, develop, and invest in opportunities for CETO across Australia, Europe and internationally.

Michael Ottaviano, Carnegie Clean Energy, said: “We are delighted to be collaborating with a global leader in renewable energy such as Enel Green Power. Their deep experience of the renewables market globally will help Carnegie to tailor its CETO technology to the needs of its future utility customers.

“Our belief in the potential of CETO remains undiminished. Wave energy remains the last great untapped renewable resource globally. Like all power technologies, its commercialization requires the collaboration and consistent commitment of innovators, governments, research and industry leaders of the likes of Enel Green Power.”

EGP is the renewable energy division of the Enel Group, with a presence in Europe, the Americas, Asia, Africa and Oceania.