Mike Fitzpatrick joins Carnegie after $5.8m raising

Renewable energy technology firm Carnegie Wave Energy has secured $5.8 million in funding from the government and the private sector.

Carnegie announced today it had raised $3.5 million in private capital from institutional and sophisticated investors, with significant shareholder 88 Green Ventures increasing its stake in the company from 6.1 per cent to 9.7 per cent.

The capital raising was priced at 3 cents per share and managed by Azure Capital.

Meanwhile, Carnegie also said 88 Green Ventures founder Mike Fitzpatrick - a former VFL footballer and current AFL Commission chairman - would join its board as a non-executive director.

In addition to the private funding, Carnegie said it had secured a $2.26 million redistribution of Low Emissions Energy Development funding from the state government.

Carnegie has received a total of $17.7 million from federal and state government initiatives.

“We greatly appreciate the continued support of the state government of Western Australia,” Carnegie chairman Grant Mooney said.

”I am also delighted to welcome Mike Fitzpatrick onto Carnegie’s board of directors.

“Mike has an exceptional background in finance, infrastructure and renewable energy and I look forward to his contribution to Carnegie’s success.”

Carnegie said its Perth wave energy project remained on track for completion by the end of the year, with first power to be delivered by the end of next year to the Department of Defence.

At 1:30PM, WST, Carnegie shares were up 12.5 per cent, trading at 4.5 cents.