Who We Are
Carnegie Wave Energy Limited is the ASX-listed inventor, owner and developer of the patented CETO wave energy technology that converts ocean swell into zero-emission renewable power and desalinated freshwater. Carnegie has raised over $45m to fund the development of the CETO technology and employs unique rapid prototyping utilising computational simulation, wave tank testing, scaled in-ocean testing at its private Wave Energy Research Facility and onshore/offshore test site and commercial scale in-ocean testing at Garden Island, Western Australia.
CETO is designed to be the simplest and most robust wave technology globally and, after 10 years of continuous development, testing and refinement, is currently being demonstrated at commercial scale off HMAS Stirling, Australia’s largest navy base, at Garden Island in Western Australia. CETO is the only ocean-tested wave energy technology globally that is both fully submerged and generates power and or desalinated water onshore. The CETO technology has been independently verified by EDF – Energies Nouvelles (EDF EN) and the French naval contractor DCNS.
Carnegie has developed strong relationships with credible partners to assist the development and commercialisation of its CETO technology. These include:
- Australian Federal Government - $9.9m grant for the Perth Wave Energy Project at Garden Island.
- Western Australian Government - $12.5m grant for the Perth Wave Energy Project at Garden Island.
- Australian Department of Defence & Defence Support Group - Power supply and grid connection agreements for Perth Wave Energy Project. Licence for tenure over onshore site at Garden Island.
- EDF EN - first CETO Power technology licensee and project investment option for projects identified by either Carnegie or EDF in the Northern Hemisphere and on Reunion Island.
- French Government - $5m grant for Carnegie/EDF EN Stage 1 Réunion Island power project.
- DCNS - EPCM for CETO 4 project on Reunion Island.
- Sustainable Energy Authority of Ireland - Collaboration agreement & concept funding for a 5MW Irish CETO power project.
Carnegie's strategy is to make money for its shareholders by commercialising its CETO Wave Energy Technology.
Carnegie is the global owner and technology developer of the CETO Wave Energy Technology intellectual property. Carnegie has a Joint Venture License Agreement with EDF Energies Nouvelles to jointly develop, own and operate CETO Wave Power Projects in the Northern Hemisphere and Reunion Island (department of France).
Due to its 100% ownership and control of the CETO technology, Carnegie is able to commercialise the CETO technology through a flexible combination of Build Own Operate (BOO) projects, Joint Venture (JV) projects, Original Equipment Manufacturer (OEM), Technology Licensing Agreements and Operations and Maintenance (O&M) contracts.
Carnegie's executive team and directors have considerable international experience in technology commercialisation, renewable energy and offshore engineering, providing a strong platform for future growth.
Why Wave Energy?
Unlike solar and wind energy which, due to their intermittent nature, are primarily suited to peak power supply, a number of factors favour wave energy as part of an energy portfolio including:
- the inherent high availability, reliability and predictability of wave activity
- the fact that any variability in wave activity happens gradually and with significant warning, making issues of grid interfacing manageable
- the proximity of favourable wave energy sites to ultimate end users, thereby minimising transmission issues. Notably, approximately 60% of the world's population lives within 60 kilometres of a coast; and
- the energy density of the wave resource (water is 800 times more dense than air).
In addition, CETO can operate efficiently in swell in the 1 to 2 metre wave height range, greatly increasing the number of potential base-load sites globally. For example, much of Southern Australia receives significant wave heights in excess of 1 metre 100% of the time.
Australia has arguably the best wave energy resource in the world although this is only just starting to be recognised officially by the government. In 2010, the CSIRO for the first time, investigated the potential of Australia’s wave energy resource. The report concluded that 10% of Australia’s southern wave energy could met 50% of Australia’s electricity demand and that the near shore, southern extractable wave resource is approximately 3 times Australia’s total installed capacity. The total Australian wave resource is estimated to be greater than Ireland, Scotland, England, Wales & Northern Ireland combined.
- $1.2 million in payments from Western Australian and Australian Governments
- Payments for progress on the desalination plant, foundations, onshore power plant and pipelines Read more
- Carnegie completes $4 million capital raise to accelerate CETO 6 development
- Capital raised via a convertible note issue
- Conversion price equivalent to a 30% premium to last traded share price Read more