Carnegie Wave Energy Reports Quarter Results (Australia)

Business & Finance

November 1, 2011

During the quarter Carnegie Wave Energy Limited received independent verification of the results of its CETO 3 deployment confirming the peak unit capacity at 203kW.

This was the primary aim of the CETO 3 project and its verification brings to a close the most significant technical milestone completed by Carnegie to date. In addition Carnegie received positive results from its environmental monitoring and assessment of the CETO 3 deployment. In parallel, the next generation of the technology, the CETO 4 unit was manufactured and delivered to Reunion Island as part of a joint venture with EDF EN.

Carnegie continued to work on its commercial opportunities in a strengthening global wave energy market. The quarter saw the announcement of the Australian Government’s climate change policy as well as significant proposed financial incentives for wave energy in the UK.

Carnegie’s Fremantle facility continued to attract interest from local and international dignitaries and Carnegie continued to utilise funds from its $12.5m WA government grant.