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.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
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.
