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

May 23, 2022
Australia’s new prime minister, Anthony Albanese, has pledged to make the country a renewables “superpower” following his Labor Party’s victory in Saturday’s federal election, which ousted predecessor Scott Morrison’s conservative coalition.
May 16, 2022
Solar PV and other renewables account for more than a third of electricity generation in Australia’s National Energy Market (NEM) in Q1 2022, coal’s share slipping by five percentage points year-on-year.
May 13, 2022
Grant funding has been awarded to a project in Australia that will explore the potential revenue streams and consumer interest in used solar PV panels.
May 9, 2022
Inverter manufacturer Sungrow has signed a 2GW distribution agreement with Australian distributor Solar Juice.
May 4, 2022
A virtual power plant (VPP) pilot programme in Western Australia that aims to adapt grid management to support greater uptake of rooftop solar has aggregated its first package of residentially generated energy.
May 4, 2022
French independent power producer (IPP) Neoen recorded a 36% leap in revenue in Q1 2022, solar revenue rising 31% year-on-year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA