Carnegie raises AU$5.3 million for solar, battery and wave businesses

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Credit: Carnegie

Australian firm Carnegie Clean Energy has raised AU$5.3 million (~US$4 million) to grow its solar PV, battery energy storage and wave energy businesses.

Carnegie previously announced on 30 April 2018 that it had initiated a Share Purchase Plan which allowed all eligible Carnegie shareholders to purchase between AU$2,500 and AU$15,000 worth of shares in Carnegie at 3.0 cents per share.

Carnegie said the funds raised would be used to move its wave and solar-hybrid businesses toward profitability, being used as working capital to deliver its existing projects, to further develop and convert its contract pipeline, develop its build, own and operate project pipeline and to pursue opportunities to expand its businesses either organically or through corporate transactions.

Carnegie owns CETO Wave Energy Technology intellectual property as well as Australian battery and solar microgrid EPC company Energy Made Clean (EMC), which specialises in the delivery of mixed renewable energy microgrid projects to islands and remote and fringe of grid communities.

Carnegie’s 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.”

In March, Carnegie started constructing the 10MW Northam Solar Farm, which will be amongst the first utility-scale PV projects to be developed on a merchant basis in Western Australia.

Read Next

PV Tech Premium
July 23, 2021
A reduction in deployment costs combined with technology gains mean solar-plus-storage is an increasingly attractive option for off-grid mining operations looking to cut emissions. Jules Scully looks at successful case studies and the opportunity ahead.
July 16, 2021
The new chief of the Australian Energy Market Operator (AEMO) has said he wants the country’s grids to be capable of handling 100% renewables by 2025.
July 15, 2021
A round-up of the latest stories from the US solar market, featuring proposals to support long-duration energy storage, patent successes from LONGi and the completion of a microgrid at Pittsburgh International Airport that features 20MW of solar.
July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
July 13, 2021
A renewable energy hub consisting of up to 50GW of solar and wind generation for the production of green hydrogen is being planned for Western Australia.
July 12, 2021
Investor confidence in the Australian clean energy market has been dented by “unhelpful and unpredictable” government interventions.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021