Carnegie Focuses on Perth Wave Energy Project in Q1

Carnegie Wave Energy Limited (CWE) released its quarterly report, highlighting successful project and financial activities.

During the quarter Carnegie Wave Energy Limited focused primarily on its Perth Wave Energy Project (the Perth Project) with the completion of the foundation and pipeline installation, delivery of the buoyant actuators and other CETO Unit components, commencement of assembly and testing phase and delivery of the desalination plant.

Carnegie also progressed the CETO 6 Project including signing a $20 million debt facility and completing a $9.35 million equity capital raise to fund the Project.

Highlights from the quarter include:
– Completed offshore foundation;
– Completed offshore to onshore pipeline installation;
– Buoyant Actuators received and unveiled by the Australian Federal Energy Minister;
– CETO Unit assembly and onshore testing phase commenced;
– Desalination Plant delivered to Garden Island;
– Received grant funding payments of $2.7m for the Perth Project during the quarter and an additional $2.3m in government grant payments received in April;
– Received $1m cash royalty payment for Carnegie owned gold mining royalty;
– Revealed the CETO 6 1MW CETO Unit Design;
– Signed a $20m loan facility with the Clean Energy Finance Corporation (CEFC) for CETO 6;
– Completed $9.35m equity capital raise for the CETO 6 Project design and development;
– Awarded a CETO 6 site at the government funded WaveHub in the UK.

Press Release, May 01, 2014

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