CWE Receives Third Payment from State Government of Western Australia

Wave energy developer, Carnegie Wave Energy Limited, advise that it has received its third milestone payment under its $12.5 million grant from the State Government of Western Australia.

Carnegie has drawn down a further $1,257,452 under the financial assistance agreement following successful installation and operation of the commercial scale CETO unit and completion of conceptual plant design for the grid connected Perth Wave Energy Project. Carnegie has now drawn down approximately $2.7m (exclusive of GST) of the $12.5 million grant over the last 18 months and is currently meeting all development milestones.

About the Perth Wave Energy Project Carnegie’s Perth Wave Energy Project is located in open ocean between Garden Island and Five Fathom Bank at a depth of approximately 25 metres. Upon completion, it will be Australia’s first commercial scale wave energy project.

The primary aim of the project is to demonstrate the CETO technology in commercial operation. The project site could also be a base for a desalination pilot project utilizing Carnegie’s CETO technology.

About CETO

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is tethered to seabed pump units. The buoys move with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

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Source: carnegiecorp, July 01, 2011