Australia's Clean Energy Finance Corporation has provided a US$18.2 million five-year loan facility to Carnegie Wave Energy Limited, marking CEFC's first foray into wave energy investment.
The money will be used to help Carnegie accelerate the final stage of development for its CETO 6 generating system.
"Australia has arguably the best wave energy resources in the world, and the necessary skills to be a leader in the field," CEFC CEO Oliver Yates said. "This is the technology of the future, with the potential to create new manufacturing and employment opportunities for Australia.
"It is critical that activity related to development and commercialization of this technology remains in Australia and that our economy gets to realize its full benefits."
Carnegie's CETO generators are fully-submerged units that use wave power to pump high pressure water that is in turn used to generate energy.
The company is currently working on the development of the sixth iteration of its CETO system, which Carnegie said will be capable of the commercial production of wave energy on a global scale.
"This innovative funding structure from CEFC will help Carnegie take a significant step forward in our development and commercialization of the CETO technology and put us in a better position to compete in the global, developing wave energy market," CEO and managing director Dr. Michael Ottaviano said.
Carnegie is currently installing a CETO 5 system at Garden Island in Western Australia for the Department of Defence. HydroWorld.com also reported in May 2012 that the company and partner Triton Renewable Energy had completed tests of a CETO unit off Bermuda's south shore.
Carnegie completed a capital raise of $4 million to accelerate work on the CETO 6 system in November of this past year after
ordering foundations for the project in July and signing an agreement in August with a hydraulic fluid supplier.
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