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.