Carnegie eyes off island markets

Carnegie's CETO 6
Carnegie's CETO 6

Perth’s Carnegie Wave Energy has paid $4.5 million for a stake in solar and lithium battery storage prover Energy Made Clean (EMC).

The deal, to be announced on Tuesday, will see ASX-listed Carnegie invest $3 million in cash and $1.5 million in stock to take a 35 per cent stake in EMC, a Perth-based developer of commercial-scale solar and microgrid operations.

The focus of the co-operation will be microgrids for remote communities comprising integrated wave, solar, wind and energy storage. Carnegie chief executive Michael Ottaviano said the global microgrid market is expected to expand 10-fold from 2013 to be worth up to $US40 billion by 2020.

The alliance is also intended to accelerate the commercialisation of the Carnegie’s wave technology (CETO) in island markets, to avoid it being displaced by other renewable technologies.