Carnegie completes $4m raising

Carnegie Wave Energy says it has raised the funds necessary to advance its wave energy technology to a project demonstration phase.

The company announced today it had completed a $4 million share placement to sophisticated and institutional investors at 10 cents per share.

The funds will be applied for general working capital as Carnegie advances its CETO wave energy technology to the project demonstration phase.

Last month Carnegie announced the CETO 3 unit had begun producing energy as part of a trial project.

Carnegia said commercial testing of the unit showed it was performing to expectations and sufficient data was collected to advance towards a grid-connected, two-to-five megawatt demonstration project.

At close of trade today Carnegie had gained 4.5 per cent to trade at 11.5 cents.