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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Carnegie Wave Energy Limited    CWE   AU000000CWE5

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Carnegie Wave Energy Limited : CETO Desalination Government Grant

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02/28/2013 | 01:32am CEST
ASX Announcement 28th February 2013 CETO Desalination Government Grant

? $1.27m Australian Government grant awarded as 50% of a $2.5m project

? Grant supports a CETO Seawater Desalination Pilot Project

? Project to be located on Garden Island, Western Australia

Wave energy developer Carnegie Wave Energy Limited (ASX:CWE), is pleased to announce the award of a $1.27m AusIndustry grant from the Clean Technology Innovation Program to support a CETO Seawater Desalination Demonstration Pilot Plant.

The award of the funding supports the design and construction of a CETO Desalination Plant which will desalinate seawater to produce freshwater. The plant will be directly powered by CETO hydraulic energy from an offshore CETO system. The aim is to demonstrate that CETO wave energy driven seawater desalination has the potential to significantly and sustainably reduce the amount of electricity consumed, and hence the associated greenhouse gas emissions produced, by seawater desalination.

The $1.27m grant was announced today in Rockingham by the Honourable Greg Combet, MP, Minister for Climate Change and Efficiency, Industry and Innovation and by the Honourable Gary Gray MP, Special Minister of State and Federal Member for Brand.

Carnegie's Chief Operating Officer, Greg Allen said,

"The ability of CETO to produce both clean power and water is a significant advantage. Western Australia is recognised as a global leader in desalination and we are grateful to AusIndustry for its support of this world first project. We look forward to working with AusIndustry to finalise the details of the project and its planned integration into our existing Perth Wave Energy Project."

The CETO desalination pilot will be co-located with Carnegie's Perth Wave Energy Project (PWEP) on Garden Island, integrating off-the-shelf reverse osmosis desalination technology with the PWEP infrastructure. Carnegie's PWEP is due to begin construction shortly with power production due to commence in early 2014. The construction and commissioning of the desalination pilot will follow power production. Carnegie's existing licence agreement with the Australian Department of Defence makes provision for the production and supply of freshwater from PWEP to the HMAS Stirling navy base on Garden Island.

Conceptualisation of CETO Desalination Pilot

The grant is subject to a number of conditions including the drafting and signing of a funding agreement, an AusIndustry review of the project budget, Carnegie completing the site characterisation and project design, as well as the delivery of Carnegie's Perth Wave Energy Project.

About Carnegie

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.

About CETO CETO Power & Water

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of fully submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.
On shore, high-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.
CETO Technology characteristics include:

? CETO converts ocean wave energy into zero-emission electricity and desalinated water.

? CETO is environmentally friendly, has minimal visual impact and attracts marine life.

? CETO is fully submerged in deep water away from breaking waves, beachgoers and where it is safe from storms.

Perth Wave Energy Project ( 'PW E P') Fact File

? Upon completion, PWEP will be Australia's first commercial-scale CETO grid-connected wave energy project.

? The Project is supported by $9.9m in Australian Government funding through the Australian

Renewable Energy Agency's Emerging Renewables Program.

? PWEP is supported by $7.76 million from the Government of Western Australia's Low Emissions Energy Development (LEED) Fund. This is part of a larger $10.45 million LEED grant, awarded to Carnegie by the WA Government, to support the development of the CETO technology from concept through to completion of PWEP.

? Government grant funding slightly more than 50% of overall Project costs.

? Utilising Carnegie's fully submerged and commercial proven CETO wave energy device.

? Providing clean, renewable energy to Australia's largest naval base, HMAS Stirling, on Garden

Island in Western Australia.

About AusIndustry

AusIndustry is a specialist program delivery division within the Department of Industry, Innovation, Science, Research and Tertiary Education that manages the $200m Clean Technology Innovation Program. The objective of the Clean Technology Innovation Program is to increase research and development, proof-of-concept and early stage commercialisation activities that lead to the development of new clean technologies and associated services, including low emission and energy efficient solutions that reduce greenhouse gas emissions.
For more information: Dr Michael Ottaviano
CEO & Managing Director
Carnegie Wave Energy Limited
+61 8 9486 4466 enquiries@carnegiewave.com Website: www.carnegiewave.com

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Managers
NameTitle
Michael Edward Ottaviano CEO, Director & Managing Director
Jeffrey Harding Chairman
Gregory Allen Chief Operating Officer
Aidan Flynn Chief Financial Officer & Joint Secretary
Jonathan Fievez Chief Technology Officer
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