Carnegie receives CEFC funds for wave energy unit development

Wave-power-CETO-schematic

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.

For more marine and hydrokinetics news, visit here.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs