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Wave energy developer Carnegie receives A$10m government grant

1 May 2012

Wave energy developer Carnegie Wave Energy has received a A$9.9m ($10.2m) grant from the Australian government’s Emerging Renewables Programme (ERP), in support of its grid-connected wave energy project.

The funding will be matched with a A$5.5m ($5.7m) grant from the government’s Western Australia’s Low Emissions Energy Development Programme (LEED). As a result, the project is able to move forward with 50 per cent government funding.

The combined grants have allowed Carnegie’s board of directors to approve the location of its first grid-connect CETO wave energy project at Garden Island. Figures show that its capacity will be up to 2MW and will cost up to A$32.2m ($33.2m).

Carnegie’s managing director and CEO, Michael Ottaviano, said, ‘This represents the culmination of a lot of work and negotiation from Carnegie’s world class team and we are delighted to have reached this outcome. I’d like to thank the Australian government for its support along with the Government of Western Australia who has supported the project since its inception in 2009. I’d also like to thank our loyal shareholders for their support.

‘Australian government support allows Carnegie to deliver its first revenue generating wave project in its own backyard in Western Australia which, once completed, will unlock a global market opportunity. There is enormous global demand for a reliable wave energy technology from industry and Government alike. We firmly believe Carnegie and the CETO technology are best positioned to capitalise on that demand.’

Copyright © 2012 NewNet

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