Carnegie Wave Energy Limited announces Australian Government grant payment
Tuesday, Jul 30, 2013
Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) is pleased to announce the receipt of $852,511 from the Australian Government for the completion of Milestone 2 of the Perth Wave Energy
Milestone 2 involved the completion of the detailed design and approvals for the Perth Wave Energy Project. The milestone involved an independent engineering review of the Project’s design commissioned by the Australian Renewable Energy Agency (ARENA). This is the second milestone payment to be receivedfrom the Australian Government and takes the total funds received to date to $1.1m. There are 8 further milestones, with associated payments, through thecourse of the Project.About Carnegie Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energytechnology developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property.
The CETO system is different from other wave energy devices because it operates under water and is anchored to the ocean floor. Several fully submerged buoys are tethered to seabed pump units. The buoys move with the motion of the passing waves and drive pumps. The pumps pressurise water which is delivered onshore via a subsea pipe.
Onshore, high-pressure water is used to drive hydroelectric turbines, generating zeroemission 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.The technology is also capable of generating power offshore should the specific characteristics of a project site require it.
Source: Carnegie Wave Energy Limited