Carnegie raises $2.5m for development

Wave energy and clean tech developer Carnegie Corporation Ltd has raised $2.5 million through a private placement to institutional and sophisticated investors.
The placement involved the issuing of 10 million shares at 25 cents each with the proceeds to be used for commercial site selection and assessment process for its
CETO Wave Energy Technology.

Carnegie Managing Director Dr Michael Ottaviano said, "Funds generated by this Placement will enable Carnegie to continue its assessment of potential national and international sites for CETO Wave Energy farms."
CETO's key advantage is its unique, patented design which distinguishes itself from other wave technologies by pumping water ashore to hydroelectric turbines which generate clean power. This means that CETO does not require subsea cables or expensive, high maintenance offshore electrical equipment. It also means CETO is the only wave technology that is able to directly desalinate seawater to produce zero-emission freshwater in addition to clean power.
"The CETO system is fully submerged which means that there is no visual impact but this also greatly enhances its storm survivability. The inherent simplicity of the design which lends itself to mass production and ease of deployment continues to attract strong interest from the investment sector," Dr Ottaviano said.
The CETO technology is under development at Carnegie's Wave Energy Research Facility in Fremantle, Western Australia and is on track for completion in 2009.