30/01/2009 - 13:11

Carnegie, Synergy in wave energy deal

30/01/2009 - 13:11

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Carnegie Corporation has entered into a deal with energy retailer Synergy to supply electricity from its wave energy project off Western Australia.

Carnegie, Synergy in wave energy deal

Carnegie Corporation has entered into a deal with energy retailer Synergy to supply electricity from its wave energy project off Western Australia.

Both companies have signed a memorandum of understanding which sets out the initial obligations on Carnegie and Synergy in relation to the purchase of electricity from the first stage of a wave energy project in the south west of the state.

"Carnegie believes there is sufficient wave energy potential in the waters off the coast of Western Australia to develop a number of wave energy projects harnessing energy from the ocean to generate electricity and / or desalinated water using the CETO wave energy technology," the company said.

Synergy said it will buy the energy and environmental rights produced from the first stage of the project which is expected to have a generation capacity of 6 megawatts.

The project will eventually be ramped up to 50MW.

The Carnegie deal follows another MOU Synergy signed recently with New World Energy Solutions for the supply of geothermal energy.

Shares in Carnegie dipped 0.5 cents to 12.5c at 15:12 AEDT.

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