Antinuclear

Investors warming to Western Australia’s Wave Energy Project

Wave Energy wins over wary investors CRITERION THE AUSTRALIAN SEPTEMBER 27, 2013: “……….a jack-up rig is being towed from the North West Shelf to Perth’s naval base, to put in place Carnegie’s wave-power installation at Perth’s Garden Island naval base.

The 720-kilowatt plant will be the first manifestation of Carnegie’s CETO wave technology, which employs bulbous sub-sea structures anchored to the sea floor.

With the funding, an offtake deal and pesky state approvals in place, Carnegie is winning over hitherto wary investors.

While the construction aspect is not new — it’s akin to installing an oil rig — CETO technology is novel.

Carnegie so far has sunk $70 million into the technology, $50m sourced from its 7000-odd holders (whose patience and passion exceeds that of even the Dockers’ member base).

French utility EDF has chipped in $10m and is funding a joint pilot plant at Reunion Island, where power is generated from expensive diesel.

Carnegie has drawn down only $4m of $22m of federal and WA government grants. The federal money is sourced from the Australian Renewable Energy Agency, which the Coalition has no plans to gut (unlike the Clean Energy Finance Corporation). http://www.theaustralian.com.au/business/opinion/wave-energy-wins-over-wary-investors/story-e6frg9lo-1226727885953#sthash.yuNFQiqh.dpuf

September 28, 2013 - Posted by Christina Macpherson | energy, Western Australia