Home » Latest News » Share deal gives Carnegie new stakeholder

Share deal gives Carnegie new stakeholder

June 1, 2016 9:59 am Category: Latest News, Research & Finance, Tidal A+ / A-
The CETO technology creates renewable energy and freshwater

The CETO technology creates renewable energy and freshwater

NZ-listed Infratil Investor UIL is now the second largest shareholder in Perth-based Carnegie Wave Energy after purchasing a 5 percent stake in the company this week for an undisclosed price.

UIL acquired the Carnegie stake previously held by Renewable Energy Holdings.

Shares in Carnegie are at 3 cents, which gives the company a market capitalisation of around $58 million. The shares have fallen since mid-April, when the company hit a value of $80 million.

Carnegie had developed its patented CETO wave energy technology which is currently commercially deployed in the Perth Wave Project off Fremantle.

The CETO technology creates zero-emission renewable energy and also desalinates seawater to create fresh water.

Infratil has been going through a restructure which has seen it loosen ties with its UK-based parent, and focus on renewable energy, the retirement sector and social infrastructure.

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