Australia: Carnegie Releases Fourth Quarter Results

During the quarter Carnegie Wave Energy Limited focused primarily on its Perth Wave Energy Project (the Perth Project) with manufacturing progressing on schedule and a significant Project milestone achieved with the start of offshore works.

Carnegie also completed a capital raise to fast track the design of the CETO 6 project.

Highlights from the quarter include:

• More than half of the Perth Project milestones to construction are now completed with recent progress including award of pipeline installation and desalination construction contracts.
• Commenced offshore construction activities for the Perth Project with the foundation installation currently underway.
• Received a $2.3m Research and Development Tax Incentive cash rebate.
• Received grant funding payments of $2.2m from the Federal Government and WA State Government for the Perth Project (including the Desalination Plant).
• Completed a $4m convertible note capital raise to accelerate the development of the CETO 6 project.
• Advanced assessment and negotiations over potential CETO 6 project sites.

To read the full report please visit the following link.

[mappress]

Press release, January 21, 2014; Image: carnegie