Australia: Carnegie Completes USD 6.06 Million Perth Wave Energy Project Funding Initiative

Australia: Carnegie Completes USD 6.06 Million Perth Wave Energy Project Funding Initiative

Australia: Carnegie Completes USD 6.06 Million Perth Wave Energy Project Funding Initiative

Wave energy developer, Carnegie Wave Energy Limited announced the completion of a successful $5.8m (USD 6.06m) funding initiative for its Perth Wave Energy Project (PWEP) from a combination of Government and private funding.

In line with its stated strategy of commercialising its CETO wave technology globally, Carnegie has taken a further step in the delivery of its flagship Perth Wave Energy Project, by raising an additional $5.8 million in new capital from both private investors and Government grant funding. Carnegie has also strategically positioned the composition of its Board for the delivery of utility scale projects internationally with the appointment of Hastings Funds Management Limited founder, Mike Fitzpatrick.

 

Government Funding

 

Carnegie has secured agreement from the Government of Western Australia for a redistribution of the Low Emissions Energy Development (LEED) grant funding for the Perth Wave Energy Project (“Perth Project”). The net effect on Carnegie’s Perth Project is an increase of $2.26m in total State and Federal government grant funding to a total of $17.7m. Carnegie has already received $2.83m from the LEED fund for development of CETO to date.

Increased institutional presence on share register

In addition to the grant funding, $3.525m of private capital has also been raised through a combination of institutional and sophisticated investors, the majority from existing Carnegie shareholders. As a result of their investment, 88 Green Ventures, who led the capital raise, has now increased its ownership stake in Carnegie from 6.1% to 9.7%.

Mike Fitzpatrick joins the Board

Carnegie is also delighted to announce that the founder of 88 Green Ventures, Mr Mike Fitzpatrick, will join Carnegie’s Board of Director’s as a non-executive director. Mike brings over 30 years of experience in capital markets and infrastructure investment. Following a career in investment banking in New York and Australia, Mike founded Hastings Fund Management which was subsequently purchased by Westpac Bank.

The appointment of Mike brings significant infrastructure financing and development experience, and reunites Mike and existing Carnegie director, Jeff Harding, two of the driving forces of Pacific Hydro, the world’s biggest renewable energy company.

On his appointment, Mike stated,

“Carnegie presents an exciting opportunity to be a major player in the delivery of sustainable clean power and water projects for decades to come around the globe. The scalability of the CETO Wave Energy Conversion system to utility projects presents an exciting opportunity for 88 Green Ventures. I am looking forward to a greater involvement in Carnegie as a director as it continues its path through commercialisation to renewable utility scale generation.”

Carnegie’s Chairman Grant Mooney said,

“We greatly appreciate the continued support of the State Government of Western Australia. I am also delighted to welcome Mike Fitzpatrick onto Carnegie’s Board of Directors. Mike has an exceptional background in finance, infrastructure and renewable energy and I look forward to his contribution to Carnegie’s future success.”

1 Australian dollar = 1.0447 US dollars

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Press release, November 28, 2012; Image: carnegiewave