Carnegie Wave Energy has secured funding to commence construction of its Perth Wave Energy project, after raising $8.5 million from a share purchase plan that closed oversubscribed.
Carnegie announced in early February that it was seeking to raise $6 million through a share purchase plan with the capacity to accept oversubscriptions.
The company’s board of directors said today that it would accept oversubscriptions of $2.5 million to open the scheme to a wider base of existing shareholders.
The proceeds will be applied to the development of the company’s Perth Wave Energy project, which is set to become Australia’s first commercial scale wave energy development.
The technology converts ocean wave energy into electricity while producing zero emissions, and also produces desalinated water.
The fully submerged system is installed in deep water away from breaking waves and beachgoers.
Procurement and construction for the Perth project will commence within weeks, Carnegie said.
“We are delighted by the strong and enthusiastic response of our shareholders,” Carnegie managing director Michael Ottaviano said.
“With the SPP closed, the company is now focused on the delivery of its flagship Perth Wave Energy Project.”
At close of trade today, Carnegie shares were steady at 4.1 cents.
