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Carnegie Clean Energy raises $5.3 million for solar, battery and wave energy projects

Recently completed solar farm construction at the Delamere Air Weapons Range microgrid project
Delamere microgrid project
The Delamere microgrid project is a high value project

Carnegie Clean Energy Ltd (ASX:CCE) has raised $5.3 million via a share purchase plan at 3 cents per share to grow its solar, battery and wave energy businesses.

Specifically, funds raised will be used for working capital to deliver its existing projects and to further develop and convert its contract pipeline.

Carnegie will also develop its build, own and operate project pipeline and pursue opportunities to expand its businesses either organically or through corporate transactions.

Carnegie managing director Dr Michael Ottaviano said: “We thank our shareholders for their support in the capital raise.

“We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

Carnegie also owns the battery/solar microgrid company Energy Made Clean (EMC).

 

EMC recently completed the solar farm construction on site at the Delamere Air Weapons Range microgrid project in the Northern Territory.

The project has now entered its final phase which involves installing the BESS (battery energy storage system) containers, diesel generators and solar invertors ahead of testing and commissioning.

Ottaviano said: “The Delamere microgrid project is exactly the sort of complex, high value project that EMC is uniquely positioned to deliver.

“Projects of this size, with a contract value of $3-4 million, have put EMC on track to record revenues in the current half of the 2018 financial year.”

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