Seapower Pacific makes waves with CETO

RENEWABLE Energy Holdings’ Perth-based subsidiary, Seapower Pacific Ltd, has taken a step towards full commercialisation of its CETO wave-power machine, announcing plans to install pre-commercialisation units. The state government revealed last week that the wave-power machine, invented in Perth, had successfully produced electricity and fresh water in a year-long trial on the seabed off Fremantle. The technology, invented by Perth businessman Alan Burns, allows a unit to sit on the seabed and use the power and movement of the waves to force highly pressured seawater to shore through a small pipe. Once ashore, the water is used to drive a turbine generator to produce electricity. The state government said a wave farm of 125 CETO units would be able to produce 18MW of electricity with no greenhouse gas emissions, enough for 10,000 households, or a desalination plant producing 45 billion litres of fresh drinking water each year. The CETO prototype will be replaced by CETO II pre-commercialisation units, to be installed in 2007. Perth-based clean energy company, Carnegie Corporation, co-developed the technology before selling it to UK-based REH. Carnegie remains a shareholder in REH and has participation rights in future REH projects. ASG seeks $4m, buys Sydney-based Vindaloo PERTH-BASED IT services provider, ASG Group Ltd ,will seek $4 million from the market to fund the acquisition of Vindaloo Systems, a Sydney-based Oracle solutions and managed services group. ASG said the acquisition delivered a significant boost to its delivery capability and positions the company for further growth in the Sydney market. It is also part of ASG’s strategy of building capability and national service reach through organic growth and earnings per share accretive acquisitions, the company said. Vindaloo Systems currently employs 45 staff, including Oracle consultants. ASG’s purchase consideration is based on a 4.75 times EBIT multiple and will be in the form of cash and ASG shares. The acquisition will be immediately earnings per share accretive, it said. The $4 million capital raising to be underwritten by Paradice Investment Management. Proceeds from the issue will be used to fund the acquisition and to provide working capital for the further growth of ASG’s combined businesses. Abra to raise $8 million in Chinese funding deal WEST Perth-based minerals explorer, Abra Mining Ltd, plans to raise about $8 million through a strategic alliance with China-based investment group AP Energy Investments Ltd. Last week, the company announced that AP Energy would buy nine million shares and options to acquire about 19 million more over the next 10 months, to raise money to jointly acquire, explore and develop resource projects in Australia and Asia – namely for resource definition of the Abra base metals deposit, exploration of project areas and identification of further mining opportunities. Abra said it would offer AP Energy the right on a proportional basis to participate in any future capital raisings, as well as appointing a nominated director to the board.

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