Wave energy firm wins $10.3m grant in Australia

Carnegie Wave Energy has secured a $10.3m grant from the federal government to support its $32m grid-connected CETO wave energy project which will be located at Garden Island, near Perth in Western Australia.

The Western Australian Government provided A$5.5m ($5.6m) for the project as part of the state's low emissions energy development program.

The wave energy developer said it also secured $16.5m equity funding from the Australian Special Opportunity Fund, a US -based institutional investor to support the project, reports Energy Business Review.

The project is set to have a capacity of 2 MW and power is due to be added to the grid by the end of 2013.

The project which will use Carnegie's submerged CETO technology can be expanded to 5 MW, at a later stage.

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