Carnegie goes into voluntary administration

Carnegie CETO 6
Carnegie Clean Energy's CETO 6 wave energy project

Wave energy company Carnegie Clean Energy has gone into voluntary administration, appointing administrators today.

The announcement comes just days after the Western Australian Government revealed it had terminated its $16 million contract with the wave energy company for its Albany project.

On March 6, Carnegie was suspended from the ASX as a result of not meeting the February 28 deadline for the lodgement of its interim half-year financial report. On March 13, it requested an extension to the voluntary suspension.

The voluntary administrators for Carnegie and certain subsidiaries are Richard Tucker and John Bumback of KordaMentha Restructuring. The subsidiaries include EMC, Energy Made Clean and EMC Engineering Australia.

The proposed 20MW Albany wave project, which was promised $19.5 million in state government funding ahead of the March 2017 WA election, was to use Carnegie’s CETO 6 wave technology to harness one of most attractive wave power sources in the world off the coast of Western Australia.