Untitled Document

Australian wave energy developer completes capital raise

CETO Unit

Marine and hydrokinetic developer Carnegie Wave Energy Limited has completed a capital raise of US$4 million to accelerate work on its "CETO 6" generating system.

The Australian company said the capital raising comprises a placement of 4,000 convertible notes at an issue price of $1,000 each. Each note has a 24-month expiry, pay a non-cash coupon of 6% per annum and are convertible at any time a 5.5 cents per share, which represents a 30% premium to the last closing share price.

The notes will be repaid with proceeds from an expected research and design tax refund for the year ending June 30, 2014, Carnegie said, unless otherwise converted to equity.

Carnegie's CETO 6 units are a "next generation" of the company's current CETO 5 units, which are being manufactured for the Perth Wave Energy Project (PWEP).

HydroWorld.com reported in July that Carnegie had ordered foundations for the project before signing an agreement in August with a hydraulic fluid supplier.

HydroWorld.com reported in May 2012 that the company and partner Triton Renewable Energy had completed tests of a CETO unit off Bermuda's south shore.

The project is being funded by a number of entities and low emissions energy development programs. Carnegie said installation of the foundation will begin by the end of this year.

For more ocean, tidal and stream power news, visit here.

Latest Slideshow

Your Picture Here: Send Us Your Dam Selfie

View Slideshow >>

more slideshows >>   

Hydro Whitepapers

Hydro Industry Financials

Most Read Articles

Recent Comments

Continuing Education

Professional Development Hours
To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

04/01/2015
Volume 34, Issue 3
new1504HRcover
03/01/2015
Volume 23, Issue 2
1503HRWcover

Archived Articles

2006 | 2007 | 2008 | 2009 | 2010 2011 | 2012 | 2013
Hydro Review Past Issues

Buyers Guide Companies

Waveberg Development Ltd

Wave energy converter under development. Requir...