Carnegie released today a shareholder report for the 3 month period ending 31 December 2009. Carnegie Wave Energy Limited is focused on developing and commercialising wave technology, which is capable of producing zero-emission power and desalinated water. Renewable Energy Hldgs holds a minority stake of approximately 31% in Carnegie Wave Energy, equivalent to 232,600,000 shares.
An activity report described how the wave energy developer had commenced offshore installation for its Perth Wave Energy project during the period, and continued in its development of the wave technology which converts wave energy into zero emission zero-emission electricity and desalinated water. During the quarter, the also Company deployed and tested the device CETO3 at the Freemantle Wave Energy Facility. The device was designed to functionally mimic a larger scale device to be launched later in 2010.
In addition, the Company announced the completion of a successful fund raising of $8.9m. This consisted of heavily oversubscribed share purchase plan that raised $5.4 million and a $3.5 million share placement to mostly European, American and Australian institutions. The report detailed how the funds raised would be applied towards deployment and testing of commercial-scale Wave Energy units in the waters off Perth, Western Australia, as well as international site development activities and for general working capital requirements.
