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Carnegie Wave Energy to raise A$4m for CETO technology demonstration project

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Carnegie Wave Energy (ASX: CWE) will raise up to A$4 million via a share purchase plan (SPP) to fund working capital purposes during the commercial demonstration project phase of its CETO wave energy technology.

The SPP will allow all shareholders to purchase between $3,000 and $15,000 worth of shares at A$0.05 per share.

Based on the share price at close of trading on 30 November 2011, the offer price equates to about a 27% discount to the 20 day average share price and 48% to the 12 month average.

The offer will close on 23 December 2011 and the company reserves the right for oversubscriptions of up to a further $2 million.

Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property. The CETO system is the only fully submerged, ocean tested wave technology that generates electricity and freshwater onshore.

The CETO technology converts ocean wave energy into zero-emission electricity and desalinated water, is environmentally friendly, has no visual impact and attracts marine life.

Carnegie has a number of material milestones in 2012 which include the decision on the location of its first revenue producing CETO project, the deployment of the next generation CETO unit by the French Government owned power utility EDF and multiple Government project grant decisions.

Marine energy is identified in the UK Government’s 2011 Renewable Energy Roadmap as one of the technologies which have “either the greatest potential to help the UK meet the 2020 renewables target in a cost effective and sustainable way, or offer great potential for the decades that follow”.

Carnegie recently completed a detailed site assessment of suitable sites for deployment of Carnegie CETO wave energy projects greater than 10MW throughout the UK.

The details and location of the demonstration project will be announced in early 2012.

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