CARNEGIE WAVE ENERGY LIMITED Carnegie Wave Energy Limited has completed the required 12 month operational phase of the Perth Project and and has now submitted all grant milestone invoices to the the Government of Western Australia's Low Emissions Energy Development (LEED) Fund and the Australian Government's Australian Renewable Energy Agency (ARENA).
Carnegie has received payment for all LEED milestones for the Perth Project including for the required operational period. Carnegie has now met all the requirements of its LEED funding agreement and received 100 per cent of the grant payments from the Western Australian Government.
In addition, Carnegie has received payment from ARENA for the first six months of operational milestones ($66,537) and has submitted the final milestone invoices ($955,043) associated with completing the full 12 months of operations. Final detailed documentation regarding the Perth Project will be submitted shortly to ARENA. This will complete Carnegie's obligations under its funding agreement with ARENA for the Perth Project.
Carnegie has also recently received a $200,000 CETO 6 milestone payment from ARENA for completion of the CETO 6 concept design milestone.
Carnegie Wave Energy Limited is an Australian, ASX-listed (ASX:CWE) wave energy technology developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property. Carnegie is focussed on commercial opportunities in key target markets including UK, Europe and remote islands.
The CETO system is different from other wave energy devices as it operates under water where it is safer from large storms and invisible from the shore.
CETO technology characteristics include:
Converts ocean wave energy into zero-emission electricity and desalinated water.
Environmentally friendly, has minimal visual impact and attracts marine life.
Fully-submerged in deep water, away from breaking waves and beachgoers.
The CETO 6 unit has a targeted 1MW (1000kW) power capacity, some four times of the current CETO 5 generation being used in the Perth Project. It will have a superior efficiency, lower capital and maintenance costs than any CETO product generation developed to date. The CETO 6 Project is supported by $11m funding from the Australian Renewable Energy Agency's Emerging Renewables Program and a five year $20 million loan facility from the Commonwealth Bank. The clean, renewable energy generated by the Project will be sold to the Australian Department of Defence at Australia's largest naval base, HMAS Stirling, on Garden Island in Western Australia.
ARENA was established by the Australian Government to make renewable energy technologies more affordable and increase the supply of renewable energy in Australia. ARENA invests in renewable energy projects, supports research and development activities, boosts job creation and industry development, and increases knowledge about renewable energy. ARENA has a portfolio of more than 240 supported projects and is actively seeking new projects to fund in 2016.
For more information: Dr Michael Ottaviano CEO & Managing Director
Carnegie Wave Energy Limited
+61 8 9486 4466
enquiries@carnegiewave.com Website: www.carnegiewave.com
Carnegie Wave Energy Limited issued this content on 27 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 February 2016 13:48:23 UTC
Original Document: http://carnegiewave.com/wp-content/uploads/2016/01/160127_Grant-Funding-Update_Website.pdf
