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Market:	ASX
Sector:	Alternative Energy
EPIC:	CWE
Latest Price:	0.05 (0.00%)
52-week High:	0.13
52-week Low:	0.05
Market Cap:	45.07M

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Carnegie Wave Energy
Carnegie Wave Energy Limited (ASX:CWE) is focused on developing and commercialising its CETO wave energy technology which is capable of producing zero-emission power and desalinated water.

Carnegie Wave Energy raises more than $5 million to fund CETO Wave Energy units

Thursday, December 24, 2009

Australian Wave Energy developer Carnegie Wave Energy (ASX: CWE) has raised $5.365 million in a heavily oversubscribed Share Purchase Plan to assist the deployment and testing of commercial-scale CETO Wave Energy units in Western Australia.

Carnegie had previously announced that it anticipated raising up to $2.5 million through its Share Purchase Plan however Carnegie’s Board of Directors have decided to accept over subscriptions to allow all subscribing investors to participate.

These funds are in addition to the recently announced Share Placement which raised $3.5 million mostly from European, American and Australian institutions.

Carnegie Managing Director Michael Ottaviano said the company was delighted with the enthusiastic response of our shareholders which exceeded its expectations.

"We are glad that so many shareholders were able to participate in the capital raise." Dr Ottaviano said.

"I look forward to 2010 being a company defining year for both Carnegie and our CETO wave power technology.”

Funds raised from the Placement and the SPP will be applied towards deployment and testing of commercial-scale CETO Wave Energy units in the waters off Perth, Western Australia, as well as international site development activities and for general working capital requirements.

Settlement of SPP funds and issue of shares will occur during the week commencing Tuesday 29 December 2009.

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

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