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Carnegie banks success payment

June 8, 2016 1:20 pm Category: Latest News, Tidal A+ / A-
Perth wave project in the deployment phase

Perth wave project in the deployment phase

Perth-based Carnegie Wave Energy has received its final Commonwealth funding payment, marking the success of its project delivery and bring to $13.1 million the total federal funds the company has received.

Carnegie told the market this week that it had received its final milestone payment of $935,000, marking the end of ARENA funding for the Perth wave project, which has also received grants from the WA State Government.

The payment was triggered by the completion of over 14,000 hours of deployment across 12 months by the Carnegie wave array at HMAS Stirling on Garden Island, which is now also connected to the grid.

The original deployment was of the CETO 5 units using Carnegie’s proprietary technology, and they are now set to be replaced with the more advanced CETO 6 units.

Carnegie’s chief Dr Michael Ottaviano thanked the Governments for their support, and said the company had been able to achieve “a number of word firsts.”

He said the work done so far “paves the way for the delivery of Carnegie’s commercial product platform, the CETO 6 generation.”

“We’d expect to begin to place first component orders with suppliers for our Garden Island CETO 6 project from next quarter,” Ottaviano said.

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