Carnegie Wave’s Annual Report to Shareholders

25th September 2015, ASX Announcement

The past 12 months has been a year of significant achievement for your Company . Our propriety CETO wave energy technology has further progressed through the commercialisation pathway, with the successful operation of a world first CETO grid-connected array, the Perth Wave Energy Project at Garden Island in Western Australia.

The successful, ongoing operation of the Perth Wave Energy Project has seen Carnegie achieve a milestone of 10,000 cumulative operating hours in June this year, setting a record in the wave energy industry and demonstrating the survivability and reliability of the CETO technology, issues which have been highlighted by the wave energy industry as some of its greatest challenges to overcome. The continued operation of the Perth Wave Energy Project has allowed Carnegie to take great steps forward towards commercialising its propriety CETO technology.

The CETO 6 Project, also at Garden Island , has continued to progress concurrently with the Perth Wave Energy Project. This Project has the support of the Clean Energy Finance Corporation (CEFC) through a debt $20m debt facility, which reached financial close during 2015. The Project also has the continued support of the Australian Renewable Energy Agency (ARENA) through 11m of funding.

To view the full presentation, please click here.