Carnegie Wave Energy, a developer of wave energy technology, announced it will receive $3.2m in grant funding from Australian government and the Western Australian State Government.
The Western Australian State Government under its LEED Grant has granted final approval for a grant of $1,072,880 for completion of two milestones. The milestones were for Carnegie’s progress on the CETO units and the completion of the pipelines for the Perth Project.
Carnegie has submitted milestone payment claims worth $2,095,024 for the completion of these milestones to the Australian Government under its grant from the Australian Renewable Energy Agency (ARENA) Emerging Renewables Program.
The company is currently installing its CETO wave generation system off the coast of Perth.
CETO wave generation uses underwater buoys that are anchored to the sea bed and are driven up and down by passing waves. This motion is used to drive pumps that operate turbines, generating electricity.
This grant follows a $20m loan facility that was signed recently between Carnegie Wave Energy and the Clean Energy Finance Corporation, which is wholly owned by the Australian government.
Recently Carnegie Wave Energy also announced a capital raising via a Share Purchase Plan (SPP) to raise up to $6 million for the CETO 6 project.